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Who trusts the bank of England and high street banks in Britain?

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  • Lisa Farrell
  • Jane M. Fry
  • Tim R.L. Fry

Abstract

Following the global financial crisis (GFC) of 2008 there was recognition that client trust in financial institutions had been damaged. While institutional trust has become an accepted barometer, less is known about who trusts the banking and finance sector. This paper investigates the individual characteristics associated with trust for the Bank of England (BoE) and high street banks in Britain. Importantly, we consider this question in the context of a point in time, namely 2014. This is an important case study as it is some years after the initial impact of the GFC yet prior to the referendum vote for Britain to exit the European Union (Brexit) and coincides with the Scottish referendum. Our results suggest that the characteristics associated with trust in the BoE differ from those associated with trust in high street banks and other financial institutions. Specifically, older people, more educated people and people residing in London show higher levels of trust in the BoE. In terms of trust in the sector overall, we also find that positive perceptions on the availability of credit are correlated with higher levels of trust.

Suggested Citation

  • Lisa Farrell & Jane M. Fry & Tim R.L. Fry, 2021. "Who trusts the bank of England and high street banks in Britain?," Applied Economics, Taylor & Francis Journals, vol. 53(16), pages 1886-1898, April.
    • Handle: RePEc:taf:applec:v:53:y:2021:i:16:p:1886-1898
    DOI: 10.1080/00036846.2020.1854448
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    Cited by:

    1. Alan S. Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2024. "Central Bank Communication with the General Public: Promise or False Hope?," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 425-457, June.
    2. Ehrmann, Michael, 2024. "Trust in central banks," Working Paper Series 3006, European Central Bank.

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