Positive Money

Making money and banking work for society

Polling: 10 years after the financial crisis, the British public still don’t trust banks

by

 

  • 66% of Britons don’t trust banks to work in the best interests of UK society
  • 72% believe banks should have faced more severe penalties for their role in the financial crisis
  • 63% are worried that banks may cause another financial crisis

London, UK, 16 August 2018 – New polling from research and campaign group Positive Money has today revealed the extent to which the British public distrust banks, a decade after their behaviour caused the global financial crisis.

The poll of 2,250 adults from across Great Britain, commissioned by Positive Money and undertaken by YouGov in August 2018, shows that a strong majority have a negative view of banks’ work, believe they got off lightly from the 2007-08 crisis, and worry they might cause another crisis:

  • 66% said they do not trust banks to work in the best interests of UK society, compared to only 20% who said they do, while 13% didn’t know;
  • 72% said banks should have faced more severe penalties for their part in the financial crisis, compared to 12% who said they faced about the right amount, and only 1% who believe they should have faced less severe penalties, while 15% didn’t know;
  • 17% said they are very worried that the banks may cause another financial crisis, and 46% fairly worried, compared to 24% not very worried and only 3% not at all worried, while 10% didn’t know.

The findings come ahead of the 10th anniversary of the collapse of Lehman Brothers on 15 September 2008 – a key moment in the global financial crisis which led to governments bailing out the banks.  Positive Money is teaming up with other civil society groups, including the Robin Hood Tax campaign, Unite, War on Want and Global Justice Now, to stage a mass event in the City of London on 15 September 2018, calling for justice for the public who have paid the price of a crisis caused by the banks.

Fran Boait, executive director of Positive Money said:

“Despite the the financial sector’s complacency, people know that nothing has really changed since the last crisis. As in the run up to the 2008 crash, banks are still making most of their money from gambling on property and other financial assets, paying themselves huge bonuses while things have got worse for everyone else.

“The tenth anniversary of the crisis must be an opportunity to change the banking sector so it works in the best interests of society. This may be the only way to avoid another financial crisis, that so many Britons fear.”

 

Notes

All figures, unless otherwise stated, are from YouGov Plc.  Total sample size was 2250 adults. Fieldwork was undertaken between 2nd – 3rd August 2018.  The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

To request a full copy of the poll results, including data broken down by characteristics including age, region, social grade and gender, please email simon.youel@positivemoney.org.uk

Fran Boait, executive director of Positive Money is available for briefings and interviews. Please call 07908 037569 to arrange a booking.

About Positive Money

Positive Money campaigns for a money and banking system which supports a fair, democratic and sustainable economy. Set up in the aftermath of the financial crisis, Positive Money is a not-for-profit company funded by charitable trusts and foundations, as well as small donations from its network of over 65,000 supporters.