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More Aussies loath than love banks

by Staff Reporter7 minute read
The Adviser

Just under 50 per cent of all Australians have a negative view of Australia’s banks, new research has revealed.

According to an article in The Australian Financial Review, recent UMR Research has found the banking industry ranks slightly above car sales and electricity industries when it comes to consumer perception.

Just over 45 per cent of Australians have a negative attitude towards the banks, while 36 per cent of Australians have a positive one.

The research found Australians perceive Australia’s banks to be “powerful, greedy and bureaucratic”.

On a scale of 10 on industry perception, banks score 4.5, compared with 6.6 for tourism and mining.

But despite the general negativity towards Australia’s banking sector, borrowers are largely satisfied with their financial institution.

The latest Roy Morgan research shows more than 70 per cent of Australians are satisfied with their lender, with ANZ leading the pack on 76.6 per cent.

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