Confidence is an essential component of the financial system. Without it, worried depositors pull their money from banks; spooked investors don’t trade with firms that they believe won’t make good …
Confidence is in the news, after a trio of headlines showed that Americans have lost confidence in their banks, the Federal Reserve Chair, and their own financial future.An April Gallup poll found that “nearly half of Americans are anxious about the safety of the money they have in accounts at banks or other financial institutions.”
After peaking at 50% confidence in 2020, Americans have soured on the Fed. Powell may be getting dinged by those who are frustrated by the Fed’s late start to raising rates to tackle inflation — and also by those who are unhappy with rates being 5% higher than they were 15 months ago. Finally, in its 2023 Retirement Confidence Survey , the Employee Benefit Research Institute found that among those who are working and those who are already retired, confidence in having enough money to live comfortably throughout retirement dropped significantly this year from 2022.
A massive 84% of workers and 67% of retirees are concerned that the increasing cost of living will make it harder for them to save money.
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