Wednesday, February 24, 2016

5 Trends to Watch in Consumer Finance

The financial crisis has changed the way many Americans view the financial system. In a 2014 Gallup poll, only 26 percent expressed having “‘a great deal’ or ‘quite a lot’ of confidence in banks,” down from 41 percent in 2007 and a high of 60 percent in 1979.

That Americans deeply distrust the financial sector is not surprising given the scope of the crisis, during which 5 million families lost their homes to foreclosure and households lost trillions of dollars in wealth. Many families doubt their own basic financial security, with nearly half of all Americans unable to come up with even $400 in an emergency without borrowing or selling something, according to a recent Federal Reserve survey.

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