The Percentage of Californians That Trust Bank Doubles

Bankers just don’t get the respect they deserve. Or do they? At many points they have been accused of being “robber barons,” saviors of small businesses owners and advocates of home ownership, along with the greedy SOBS that take yours or your friends/ neighbors/ associates houses in foreclosure.

When it comes to “trust” that is a subject that I have written on frequently, primarily because trust in the world- especially the business world- is more important than it has been in some time.

Surveys are continually taken and one that caught my eye was conducted by public relations firm Edelman in what they call their “Trust Barometer.”

In the past two years most industries have improved, though some still have a ways to go. At the top of the list: Technology, capital “T” since it represents such a big part of our lives today. Do we “trust” technology and if so, in what form? Reach your own conclusion, but they are at the top with an 81 percent Trust Factor in California, but 83 percent nationwide. Do Golden Staters know something the rest of the nation does not? BTW, California numbers are up 10 percent for that category since 2010 and no survey was conducted in 2011. Recession, you know…

Meanwhile how do other industries faire in our state?

• Food and beverage industry 72 percent up from 58 percent
• Brewing/spirits 67 percent (no data from 2010)
• Consumer packaged goods tie at 67 percent up from 42 percent
• Automotive 64 percent up from 34 percent
• Energy 54 percent compared to 34 percent
• Pharmaceuticals 52 percent compared to 35 percent
• Media 44 percent compared to 24 percent
• Financial services 39 percent (no 2010 data)
• Banks 35 percent up from 16 percent

So even though banks have improved significantly, most Californians don’t trust them, probably a knee-jerk reaction to the foreclosure and debt crisis. 

The survey is conducted worldwide in 25 countries, and overall trust in business fell to 53 percent from 56 percent in 2011. France and Germany, both under tight scrutiny, took a double-digit dive and South Korea trust fell 15 percentage points. I wonder how Greece did, since no one over there trusts anyone.

China, which is often scrutinized and criticized, actually did OK as business trust is up to 71 percent, which is better than the rest of the world looks at US, a dismal 49 percent, up from 42 percent in 2010.

Trust in California business from outside the states stands at 51 percent, up 8 points since 2010 and 11 points since 2009. We still have a long way to go to get back that “Golden State” award we so long ago lost.

The trust survey found a gap between Californians’ expectation and perception of performance. Two-thirds of Californians say one important element for business to build trust is putting customers ahead of profits, yet only 29 percent say they do a good job on this point. Shocker!

Comments? Do you trust businesses in general or any specifically? If you are a business owner, do you think others trust you??