10% of us have high confidence in banks, according to poll

10% of us have high confidence in banks, according to poll

The recent failures of the banking sector have rattled investors, but also American adults in general.

According to a new poll, only 10% of the U.S. adults say they have high confidence in the nation's banks and other financial institutions.

That's down from 22% in 2020.

The poll conducted by The Associated Press-NORC Center for Public Affairs Research shows that the government is not doing enough to regulate the industry.

The collapse of two banks and the problems with liquidity at two others has resulted in a major shake up in the financial system.

These shocks brought back memories of the financial crisis of 2008 -- 2009.

The crisis began when the nation's 17th largest bank, Silicon Valley Bank, shut down to protect customers after a $2 billion loss.

It was the largest bank failure since the financial crisis.

Federal regulators shut down the New York-based Signature Bank in order to protect consumers after the collapse of SVB.

Signature's deposits were bought by Flagstar Bank, a subsidiary of New York Community Bank.

Big U.S. banks voluntarily deposited $30 billion for the First Republic Bank.

In Europe, UBS took over Credit Suisse.

In the United States, the tumult has raised questions among policymakers about legislation that rolled back strict regulations put in place after the financial crisis.

The U.S. public shares that concern, according to the poll.

56% of the respondents say that the government isn't doing enough to regulate banks and other financial institutions.

27% say it is doing the right amount.

15% say it is too much regulated.

As do 51% of Republicans, the worry about under-regulation is bipartisan: 63% of Democrats say current bank regulation is insufficient.

In addition to the 10% of Americans saying they have high confidence in the nation's banking institutions, 57% do have some confidence and 31% don't have hardly any.

The poll of 1,081 adults was conducted on Mar. The margin of sampling error for all respondents is plus or minus 4.0 percentage points.