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Oklahoma consumers: My money is safe in an Oklahoma bank!

Oklahoma Consumers: My Money is Safe in an Oklahoma Bank

A recent survey conducted on behalf of the Association shows that nearly 88 percent of Oklahomans believe their money is safe in an Oklahoma bank.  That perception cuts across all major demographics within the state including age, income and level of education. 
 
In addition, 61 percent of Oklahomans believe Oklahoma banks are much different from the “Wall Street firms” that are often referred to as “banks” by the media. That's the good news.   The bad news is that 1 in 4 Oklahomans either don't know or don't have any opinion about the difference between Wall Street firms and Oklahoma banks. 
 
“It's clear we have our work cut out for us,” said OBA President Roger Beverage. “In the wake of the financial collapse we've been focusing our message on the thing consumers seem to care most about, and that's whether their money is safe. We have not focused as much on the distinction between the entities that brought about the financial collapse that began in 2008 and our member banks. The survey result will change our focus in this effort going forward, at least until the number of folks who don't see the difference goes down.”
 
On the political spectrum, those who described themselves as “very liberal” were less inclined to agree that Oklahoma banks are different from Wall Street firms (34.8 percent) compared to those who identify themselves as being “very conservative (60.6 percent). In addition, the number of responses for the latter group was significantly higher than those from respondents who described themselves as “very liberal” which isn't surprising for Oklahoma.
 
The number of individuals who agreed with the “difference” question remained fairly constant – in the 50 – 70 percent range.  across income groups The same is true across levels of educational achievement.
 
Males were more likely to agree there is a difference between Wall Street firms and Oklahoma banks by 65 – 56 percent, but 1 in 5 males didn't know there was a difference or had no opinion. Nearly 1 in 3 females came down in this latter category.
 
 

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