Poll: Confidence in banks is slipping

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PRINCETON, N.J., June 28 (UPI) -- More than a third of consumers indicated they have little faith in banks, the cornerstone of U.S. commerce, researchers at Gallup said Tuesday.

In a recent poll of 1,050 consumers, Gallup said 36 percent of respondents indicated they had "very little" or "no" confidence in U.S. banks.

Gallup said the annual poll on confidence in institutions has been conducted since 1979. Confidence in banks, according to the survey, is at a record low, Gallup said.

Consumers indicating they had strong confidence in banks held steady at 23 percent from 2010 to 2011. In 2009, 22 percent indicated they had confidence in banks, a far cry from the June 2007 pre-recession level of 41 percent.

Gallup said the military was given the top ranking in the 2011 poll with 78 percent indicating they had confidence in the military. Small businesses were second on the list with confidence at 64 percent.

Banks came in at 12th place out 16.

The poll, Gallup said, has a margin of error of plus and minus four percentage points.