Consumer confidence in banks and other financial institutions has dropped significantly, according to a Better Business Bureau/Gallup survey.
Of the 15 business categories in the Trust in Business Index, released Monday, banks and financial institutions were the only one with a greater than 5% change in both the number of people who said they had "a great deal" or "quite a lot" of trust and those who said they had little to no trust.
Men over 50 were the least trusting among the 1,003 respondents, while women generally trusted banks more.
Respondents said subprime mortgage defaults, falling house prices, and turmoil in the stock market were factors in their loss of confidence. A majority said a federal bailout of subprime borrowers and increased regulation of banks and mortgage lenders would help them regain confidence in the industry.
Eighty-six percent of the respondents said they would like to see a credible third party keeping an eye on businesses, while only 58% said there should be a more active regulatory role for the government.
