Fintech banks like Revolut and N26 are the least trusted financial service providers by Irish adults, while credit unions top the list of most trustworthy, according to a new survey by People Insurance.
Based on a poll of 1,000 people across the state, the survey also indicates that only one in 10 Irish adults have a low level of trust in An Post, 43% of respondents over the age of 55 claiming to have a high level of confidence. in the national postal service.
Just over half of respondents said they had a high level of trust in their local credit union, with only 8% saying the opposite.
Some 27% of adults, meanwhile, said they had low levels of trust in traditional banks, second only to fintechs, in which 37% of respondents said they had little trust.
However, the poll results suggest a “noticeable age distinction in preferences for traditional and modern forms of banking,” Peopl said, with 77% of 18-24 year olds placing a lot of trust in fintechs, compared to just 8% of those aged 18-24. over 55 years old.
“Relatively low percentages across age groups have low levels of trust in credit unions compared to other financial institutions,” the company said.
“As a cornerstone of local communities across Ireland for generations, it is perhaps unsurprising that Credit Unions and An Post garner such a high level of trust among the general public,” said said Paul Walsh, chief executive of home and life insurance company Peopl, which operates through credit unions.
“What’s interesting though is that so few people express the same sentiment toward the banks that have been part of this country’s financial landscape for decades.”
Mr Walsh said: “Banks have the highest proportion of low consumer confidence, perhaps due to the post-2008 banking crisis, the tracker scandal and recent nationwide shutdowns. These can compound to erode public trust over time.