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Three Out Of Four Americans Distrust Financial System

An overwhelming majority of Americans — 77 percent — do not trust the nation’s financial system, according to a recent survey conducted by the University of Chicago and Northwestern University.

The December edition of the Financial Trust Index found that only 23 percent of respondents said they trusted in the banks, corporations and other organizations that make up the country’s financial system. Paola Sapienza, a professor of finance at Northwestern and co-author of the survey, said the current lack of trust is at its lowest point since the earliest months of the recession. “In particular, trust in banks has continued to fall,” she said.

In addition, 62 percent of respondents said they are “angry”or “very angry” about the current economic situation. That’s the highest level since early 2009 when the economy was mired in the worst economic slump since the Great Depression.

The results come in the wake of financial scandals, such as the “robo-signing” crisis, which exposed widespread improper notarizations and other document-handling procedures. Many companies are responding to the trust crises by recognizing the need to properly train their Notary employees and supervisors.

Michael Lewis is Managing Editor at the National Notary Association.

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