Credit Unions are the most trusted financial institutions in the country, according to a new survey by Peopl Insurance.
The research shows that 51% of respondents reported a high level of trust in the financial institution.
39% said they would place the same level of trust in An Post, and just 18% when it comes to the traditional banks.
The survey of 1,000 people nationwide aimed to gain insight into the levels of consumer trust towards four key financial institutions.
It found that traditional banks and fin techs fall short.
However, the findings show a noticeable age distinction in the preferences for traditional and modern forms of banking, with traditional institutions such as the credit and post office appealing most to older consumers and new banking apps and fin tech banking services appealing most to younger people.
For example, 77% of those aged 18-24 placed a high trust value in fin techs, as opposed to 8% of over 55s.
Fin techs are the most likely to invoke a low level of trust from the general public at 35%, followed by traditional banks at 27%.
"As a cornerstone of local communities throughout Ireland for generations, it's perhaps unsurprising to find that credit unions and An Post garner such a high level of trust amongst the general public," said Paul Walsh, CEO of Peopl Insurance,
"What is interesting however, is that so few people extend the same sentiment towards banks that have been part of the financial landscape of this country for decades.
"Banks have the highest proportion of low trust sentiment amongst consumers, perhaps due to the banking crisis post 2008, the tracker scandal, and recent closures nationwide," he added.
