Dang pessimists!
by May 29, 2009 7:22 am 60 views
A survey of about 2,500 Americans suggest that many consumers are looking forward to better times but aren’t getting their hopes up.
The Maritz Poll, released May 27, indicates that consumers continue to view the economy with a sense of resignation and skepticism, but signs of a recovering psyche are emerging. The survey also indicates a lack of confidence among adults that they will be able to realize the “American Dream” of providing a better life for the next generation. (The Maritz Poll surveyed 2,483 Americans and was conducted March 31 through April 6. Margin of error for the poll is +/-3%.)
The survey, conducted by Maritz Research, indicates that nearly 60% of Americans are not confident they can produce a better life for their children, and two-thirds consider the economy to be in poor shape and more than 70% believe the economy “will get worse before it gets better.”
Other findings of the poll include:
• Nearly half (48%) of Americans believe the economy will be stronger once we get through the crisis, but concede it will take at least three years for a meaningful recovery.
• Nearly two-thirds (64%) consider the banking system to be unstable and 74% believe another major American bank will fail within the next year.
• More than three-quarters (76%) of Americans believe their bank will survive the crisis and 78% trust their bank and feel like they are respected as customers.
• Only 25% of Americans favor the government nationalizing financial institutions rather than letting them fail. Nonetheless, two-thirds of the people believe the government will nationalize a bank.
• More than half (55%) think banks are benefitting unfairly from the federal bailouts and few (14%) believe banks are using the bailout funds to help solve the crisis.
• Also, 58% of Americans believe tighter regulation of the financial services industry is needed to resolve the crisis.
“While seeking to restore confidence and trust in the financial system, banks and other financial services firms have an opportunity to distinguish themselves in the eyes of their customers,” Rich Brose, director of research consulting for Maritz Research’s financial services research group, noted in the statement.