Midwest and South U.S. Consumer Attitudes Towards Banks Post-Financial Crisis of 2009
Objective and Methodology Objective: To understand consumer attitudes and perceptions in America’s Heartland towards banks in the current economic environment. Methodology: 301 online interviews in July 2009 with adult consumers (18 years or older) living in 5 Midwestern states (Illinois, Wisconsin, Indiana, Ohio or Missouri) and 5 Southern states (Florida, Texas, Arkansas, Mississippi, or Louisiana).
Some Key Findings Long-term projection very favorable: 97% of consumers are “confident” their bank will survive the current economic situation, and over half are “very confident”. The recession has had minimal impact on perceived financial health of consumers’ own banks: 6 in 10 consumers say the financial health of their bank has remained the same over the last 12 months. Despite a myriad of banking industry set-backs, consumers are overwhelmingly favorable towards their own banks: Over 90% of all consumers are very or somewhat favorable towards their bank.
Most Consumers Remain Positive on their Bank 70% 62% 60%
50%
How favorable or unfavorable is your opinion of your bank?
40% 31% 30%
20% 7%
10%
0% Very Favorable
Somewhat Favorable
Unfavorable
Perceived Financial Health Steady 70% 62%
60%
50%
40%
30%
32%
Do you feel that the financial health of your bank has improved, declined or remained the same over the last 12 months?
20%
10% 4% 0% Improved
The Same
Declined
High Consumer Confidence in Banks 60% 54% 50% 43% 40%
30%
How confident are you in your bank’s ability to survive the current economic situation in this country?
20%
10% 4% 0% Very Confident
Somewhat Confident
Not Confident
Consumers Confident with FDIC Insured Money 60% 57%
50%
39%
40%
30%
How safe do you feel that your FDIC insured money is regardless of the current state of your bank?
20%
10%
3%
1%
Somewhat Unsafe
Very Unsafe
0% Very Safe
Somewhat Safe
Many Do Not Consider TARP a Success 60% 50% 50%
40%
30%
26%
How successful do you think the government’s Troubled Asset Release Program “TARP” has been? 24%
20%
10%
0% Successful
Not Successful
Don't Know
Contact & More Information
For Additional Findings from this Study Contact: Dr. Andrew Goldberg, Chair of Burson-Marsteller’s U.S. Corporate & Financial Practice Andrew.Goldberg@BM.Com