THE GREAT RECESSION, 10 YEARS LATER

MORNING CONSULl THE GREAT RECESSION, 10 YEARS LATER How The Great Recession is affecting Americans' perceptions of the banking industry, personal finances, and their confidence in the economy

INTRODUCTION About Morning Consult What consumers THINK Collecting over 3 million market research interviews What consumers SAY Evaluating over 100 million social media posts What consumers SEE Analyzing over 85,000 news media outlets Currently Tracking 1,500+ Brands (200 interviews per day, per brand) 2 REQUEST A DEMO HERE

AGENDA What s in the report 1 2 3 Methodology: This report uses data from two polls, each conducted among a national sample of 2,201 adults with a margin of error of +/- 2%. One poll was conducted from March 30 April 01, 2018. The other was conducted from March 30 April. Want more information about the survey? Email hthompson@morningconsult.com The Great Recession, 10 years later Perceptions of the industry Personal financial health 3

INTRODUCTION 1. Consumers are still feeling the effects of The Great Recession, largely blame politicians for the economic downturn. Fifty-two percent of Americans say that The Great Recession of 2008 impacts their personal finances. Additionally, almost three in four say that politicians deserve the blame for the recession, more than any other group polled. Key Insights A quick glance at some of the most important findings 2. A majority of Americans are concerned about another economic downturn. While a plurality of Americans think the industry has become more responsible since the 2008 crisis, 65 percent say they are somewhat or very concerned about another recession happening in the near future. 3. Most are taking active measures to protect themselves from future downturn. Seventy-six percent of Americans say they re avoiding taking on debt out of concern for future downturn. A similar level of Americans say the limit spending on large items. 4

THE GREAT RECESSION, 10 YEARS LATER

10 YEARS AFTER THE RECESSION How much of an impact would you say the Great Recession of 2008 has on your personal finances? Significant impact Somewhat of an impact Not much of an impact No impact at all Don't know / No opinion All adults 23% 29% 21% 10% 15% A majority of Americans say the recession still impacts their finances Income: Under $50k 26% 25% 19% 9% 21% Income: $50-100k 20% 37% 22% 12% 9% 6 Income: $100k + 19% 32% 29% 13% 6%

How much of an impact would you say the 2008 Great Recession continues to have on the following? 10 YEARS AFTER THE RECESSION Significant impact Somewhat of an impact Not much of an impact No impact at all Don't know / No opinion The American economy 33% 35% 12% 17% Most continue to see impact on American economy and life American life The global economy The financial industry 30% 28% 26% 33% 34% 35% 16% 16% 14% 5% 18% 20% 20% Your personal finances 23% 29% 21% 10% 15% Wall Street banks 22% 28% 18% 9% 23% 7 Community banks 19% 35% 19% 5% 22%

How much do you blame each of the following for the 2008 Great Recession? 10 YEARS AFTER THE RECESSION A lot Some Not much Not at all Don't know / No opinion Politicians 51% 22% 6% 18% Politicians get the most blame for the recession Big banks Wall Street banks 49% 47% 23% 24% 6% 6% 19% 20% Individual investors 16% 30% 21% 9% 23% Community banks 12% 25% 30% 12% 22% 8 Credit unions 12% 22% 26% 16% 23%

10 YEARS AFTER THE RECESSION Do you believe the banking and financial services industry has become more or less responsible since the 2008 Great Recession? A plurality of Americans say the industry has become more responsible since 2008 27% 23% 8% 7% 8% 26% Much more responsible Somewhat more responsible Somewhat less responsible Much less responsible Just as responsible as before Don't know / No opinion 9

10 YEARS AFTER THE RECESSION How concerned are you that another economic downturn such as the 2008 Great Recession will happen again in the near future? Most Americans are concerned about another downturn 6% 19% 11% 28% Very concerned Somewhat concerned Not too concerned Not at all concerned Don't know / No opinion 10 37% Financial Elites slightly more concerned 70% are concerned about a downturn, compared to 65% of all adults

10 YEARS AFTER THE RECESSION Do you do any of the following to protect yourself from the effects of a future economic downturn? Yes No Avoid unnecessary credit spending 78% 22% They are also taking active measure to protect themselves Avoid taking on debt Limit spending on large items 76% 75% 24% 25% Avoid investing your money in the markets 55% 45% 11 Limit spending on small items 51% 49%

10 YEARS AFTER THE RECESSION Would you say you try and save more, less, or about the same amount of money as you did before the 2008 Great Recession? A majority of Americans say they save more after the recession 21% 15% 17% Much more Somewhat more Somewhat less Much less 5% 7% 35% About as much as before Don't know / No opinion 12

PERCEPTIONS OF THE INDUSTRY

Do you agree or disagree each of the following describes the banking and financial services industry? PERCEPTIONS OF THE INDUSTRY Strongly Agree Somewhat Agree Somewhat Disagree Strongly Disagree Don't know / No opinion Smart 21% 43% 11% 4% 21% Responsible 19% 40% 16% 8% 16% Most Americans see the financial industry as smart, responsible Good for the economy Innovative Forward-thinking 19% 16% 16% 42% 39% 38% 14% 5% 16% 5% 17% 5% 21% 25% 24% Honest 15% 34% 21% 12% 18% Savvy 15% 37% 16% 4% 28% Socially Responsible 15% 33% 20% 9% 23% Ethical 15% 34% 20% 11% 20% 14 Creative 14% 36% 18% 6% 26%

PERCEPTIONS OF THE INDUSTRY Do you agree or disagree each of the following describes the banking and financial services industry? Strongly Agree Somewhat Agree Somewhat Disagree Strongly Disagree Don't know / No opinion Americans split on the political leaning of the industry Politically conservative 12% 25% 17% 7% 38% Politically liberal 10% 18% 20% 11% 40% 15

PERSONAL FINANCIAL HEALTH

Generally, how would you rate your own financial health? FINANCIAL HEALTH Just 11% of Americans consider their financial health to be excellent 14% 7% 5% 11% 32% Excellent Good Fair Poor Bad Don't know / No opinion 31% 17 Financial Elites more confident, but only a quarter say excellent 76% of financial elites say their financial health is good or excellent

Generally, how would you rate your own financial health? FINANCIAL HEALTH Excellent Good Fair Poor Bad Don't know / No opinion All adults 11% 32% 31% 14% 7% Men, older Americans more likely to rate their financial health positively Male Female Age: 18-29 14% 9% 11% 31% 26% 34% 31% 33% 29% 13% 6% 15% 7% 17% 5% Age: 30-44 9% 33% 31% 12% 9% Age: 45-54 9% 32% 30% 13% 10% Age: 55-64 12% 36% 31% 16% 18 Age: 65+ 15% 34% 32% 12% 5%

FINANCIAL HEALTH To the best of your knowledge, do you have enough or not enough money saved for each of the following events? More than enough Enough saved Not enough saved Don't Know/No Opinion A health emergency 12% 32% 44% 12% Many Americans are unprepared for high-cost needs Vacation 14% 31% 44% 11% Unemployment 11% 25% 45% 19% 19

FINANCIAL HEALTH How confident are you that you will have enough money saved for retirement? Less than half of Americans are confident about retirement savings 21% 11% 16% 29% Very confident Somewhat confident Not too confident Not at all confident Don't know / No opinion 23% 20

FINANCIAL HEALTH Do you know how much money you, yourself, need to have saved by the time you retire in order to retire comfortably Yes No Even among older generations, Americans lack clarity on retirement needs All adults Age: 18-29 Age: 30-44 Age: 45-54 40% 35% 34% 35% 60% 65% 66% 65% Age: 55-64 45% 55% 21 Age: 65+ 50% 34%

FINANCIAL HEALTH Do you feel that you have access to sufficient tools or resources to save for retirement? Many Americans say they lack tools to save for retirement 23% 49% Yes No Don't know 33% 22

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