Edelman: U.S. remains more trusting of financial services industry than other developed economies
By National Underwriter
By Warren S. Hersch
The U.S. is still more trusting of the financial services industry than other developed economies, but the industry is only trusted by a majority of people in 9 markets, according to a new report.
Edelman, Chicago, published this finding in the 2012 Edelman Trust Barometer, the public relations firm’s 12 annual trust and credibility survey. The company polled 30,000-plus respondents in 25 countries, all college-educated individuals between the ages of 25 and 64 and who are in the top 25% of household income per age group in each country.
The survey discloses that 41% of U.S. respondents trust the financial services industry. This compares with 31% of Swedes, 29% of Brits, 20% of the French and just 16% of Spaniards.
The survey finds much higher levels of trust in the industry in less developed economies, including China (72%), Malaysia (67%), Indonesia (66%) and Singapore (64%).
Trust in financial services is higher than trust in business generally in 9 of 25 global markets. But, the survey reveals, the U.S. is more trusting of business (44%) than of financial services (41%).
Financial services (45%) and banks (47%) remain the least trusted industries globally: This compares, among the most trusted industries, with technology (79%), automotive (66%), food and beverage (64%) and consumer packaged goods (62%).
Trust in financial services and banking have, however, increased over the last year in the U.S. In 2012, trust in these sectors among Americans stood at 46% and 41%, respectively. These figures are up from 25% for each of the industries in 2011.
The survey adds that the financial services industry must win back trust among “distrusters” ages 30-64. Among those aged 30-44, 30% distrust the industry, as compared to 40% in the 45-64 cohort.
The highest percentage of industry distrusters in these age groups, the report adds, are men (53%); among women, the percentage is 47%.
The survey notes also that financial services distrusters turn first to traditional media (36%) and are more likely than “trusters” to use online search engines (31% versus 22%) for company announcements.
Originally published on LifeHealthPro.com