​​

NEW RESEARCH FROM IPSOS AND DEFI EDUCATION FOUNDATION UNCOVERS 
AMERICANS’ TRUST IN BANKS IS LUKEWARM AND MANY WANT GREATER CONTROL OVER THEIR MONEY AND DATA 

 

Less than half of Americans believe that the current U.S. financial system meets their financial needs, and more than half of Americans want full control over their money.

 

WASHINGTON, D.C., Sept. 18, 2025 – A new national study from DeFi Education Foundation (DEF), conducted by Ipsos on KnowledgePanel and supplemented by in-depth interviews in the Bronx and Queens, New York, was released today, and it provides fresh insights into how Americans, especially in underbanked communities, view the existing U.S. financial system and emerging technologies, like crypto and decentralized finance (DeFi). The findings highlight that Americans are frustrated with financial institutions, want greater control over their financial assets and data, and believe that innovations can support affordability, equity, and consumer protection in finance, particularly as we build the next generation of U.S. financial services. 

 

In alignment with other probability-based sample surveys, Ipsos x DEF research shows that almost 1 in 5 Americans (18%) have owned or used crypto at some point in their lifetime. And, almost a quarter of Americans (22%) said: “I am interested in learning more about nontraditional forms of finance, such as blockchain, crypto, or decentralized finance.”

 

Our research also found that there is a diverse demographic base of Americans who have owned or used crypto over the last 12-months, including roughly one-quarter of American Millennials (30–44-year-olds) (22%); 1 in 5 (20%) Americans that identified as Black, Non-Hispanic; 1 in 5 (20%) of all American men; and 1 in 6 (16%) Americans who have a Bachelor’s degree or higher.

 

“The new study finds emerging awareness of cryptocurrency and decentralized finance as many Americans express frustrations with current financial institutions’ ability to deliver security, personalized control and flexibility,” said Alec Tyson, Senior Vice President, Ipsos Public Affairs.

“Particularly against a backdrop of diminishing trust in traditional finance institutions, our new data reveals that Americans want to have total unilateral control of their money and to be able to transact directly with their peers, without middlemen or third parties,” said Amanda Tuminelli, DEF’s Executive Director. “The DEF team was excited to partner with Ipsos to provide research-based insights into Americans’ views on the current state of financial services and the possibilities that crypto and decentralized finance innovations can help unlock. We hope this data is a useful resource for policymakers building U.S. digital asset rules and regulations.”  

 

KEY RESEARCH FINDINGS

​

→ Trust in existing financial institutions is lukewarm. Trust in traditional finance is low across the board, and the data revealed significant variations and areas of skepticism across the financial landscape. Fees are a particular point of friction.   

 

• Less than half of Americans (49%) believe that the current United States financial system meets their financial needs.

• Just one quarter (25%) of respondents agree that “the traditional financial system is designed to advantage ordinary people.”

• Less than half of Americans say they have “complete” or “a lot of trust” in large national banks (40%) and regional/community banks (43%).

• Only 23% of Americans believe that banks “charge reasonable fees for their services.”

​​

“I needed to get money moved from one account to the other because I needed a certified check from the bank... I remember going in person to my bank because I was not able to move the amount that I needed... I was extremely upset about the situation because it was my money... I didn’t understand why I was given a hard time.” – Resident from Bronx, NY

​

→ Consumers want to take back control of their finances. Americans are interested in having “control over my money at all times” – and many are looking for ways to send or receive money without a middleman. 

 

• More than half (56%) of Americans want full personal control over their money. 

• More than half of Americans agree that we should “have a way to digitally send money to people without any third party involved” (51%) – and this number increases significantly for foreign-born Americans (66%). 

​​

“It's time for the people to take control of themselves…” - Resident from Queens, NY

​

→ Americans are increasingly concerned about their financial security. A high percentage of Americans expressed concern about the security of the U.S. financial system, especially amidst emerging technology threats. 

 

• Only 29% of Americans believe that the U.S. financial system is secure today. 

• More than half of Americans (54%) want full control over their personal and financial data. 

• Roughly 3 in 4 Americans (74%) agree that “the current financial system needs to be upgraded to combat new threats, like cyber crime or AI.”

​​

“Everything is being tracked... let's say you shop, your bank can be like, hey, we see suspicious activity... Yeah. Somebody's always watching.” – Resident from Bronx, NY 

​

→ Many Americans are curious about DeFi, even though it’s early. Desire for stronger security and lower transaction fees are among the top reasons that Americans are interested in DeFi, and Americans believe DeFi can alleviate friction points in finance today.

 

• 42% of Americans said that they would be likely to try DeFi if proposed legislation was passed into law (9% extremely/very likely and 33% somewhat likely). 

 

• 40% of Americans would likely try out DeFi (10% extremely/very likely and 30% somewhat likely), and of these respondents: 

  • 84% said they’d use it to “make purchases online”

  • 78% said they’d use it to “pay bills”

  • 77% said they’d use it to “save money”

 

• 12% of Americans are “extremely” and “very” interested in learning about DeFi. 

 

• Nearly 4 in 10 Americans believe that DeFi can address the issue of high transaction/service fees found in traditional finance (39%). 

 

“I would keep more of my paycheck in my pocket. I wouldn't have to rely on any of the financial institutions, on paying them fees.” – Resident from Queens, NY