The financial system as a whole seems to have come under increasing skepticism, the research shows. Half of all Americans surveyed in the Harris poll say they have lost either somewhat or a lot of trust in banks over the past several years, and they don't feel any better about Wall Street and the mortgage lenders. More than half of us (57% to be exact) have lost faith in those institutions as well. A rosy 9% of Americans say they now trust banks more than they did several years ago.
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It seems that bankers can look no further for the cause of this collapsing relationship, as people generally blame personal experiences for their changing attitudes. Customer service and the quality of banking products are runners-up, showing a consistent theme driving the growing distrust. Interestingly, the Baby Boomers and seniors (age 65 and older) reported being more heavily influenced by almost every factor that Harris measured regarding their relationship with banks. The only issue that Millennials count as more important is the experiences of family and friends, indicating perhaps the perspective of a generation still forming its own opinions about the financial sector.