Swedes have less trust in banks: study

Swedes have less trust in banks: study
Swedes’ confidence in their banks has been devastated by the current financial crisis, prompting roughly one in five customers to change their savings habits, a new study shows.

The drop in trust is more widespread among high earners, 70 percent of whom report that they have less confidence in banks, according to a survey carried out by Avanza Bank.

Among customers of SEB bank who replied to the survey, 63 percent say they have much or somewhat less confidence in their bank.

The corresponding figures for Swedbank and Nordea are 57 percent and 56 percent, while only 38 percent of Handelsbanken customers said they had less confidence in their bank.

The survey, carried out by the Sifo polling firm at the request of Avanza, took place between March 13th and 16th, and consists of 1,045 interviews.

Signs of the substantial drop in confidence in banks are also showing up on the stock market, according to Avanza’s Claes Hemberg.

He points out that, on average, banks around the world have lost 70 percent of their stock market value, or roughly $5 trillion since the start of the banking crisis in 2007.