Only 61 percent of consumers are now "very confident" about the financial strength of their primary personal bank, a decline from 68 percent in November. Confidence in the "financial strength of banks in general" - which Hartley says is typically lower than confidence in one's own bank - dropped to 32 percent from November's low 38 percent level.
"Previously the pattern was more typical," Hartley said. "Confidence in the banking industry was declining, but people continued to trust their own bank. With the prolonged crisis, more consumers now feel less secure even about their own institution. This clearly reveals a need for reassurance - particularly among larger national banks."
In fact, customers of large national banks are now much less likely to be very confident about their bank compared to customers of credit unions - 54 percent versus 81 percent.
Morpace Omnibus Study interviews were completed in late January 2009, with 1,010 consumers selected from an Internet panel of adults aged 18 and over. The sample's demographic profile reflects the U.S. population.
Consumers were asked "How confident are you in the financial strength of your primary personal bank?" and "the financial strength of banks in general?" Ratings of eight, nine or ten on a 10-point scale indicate "very confident" customers.
