Over half of Ukrainians have no trust in banks – study

Financial crisis in Ukraine with 90 banks having been shut down has pushed depositors to become more uncertain about the country's banking system from 19% in 2015 to 53% in 2017.

More often, people name their lack of trust in banks the main reason for their unwillingness to put their funds on deposit. It was 19% of respondents in 2015, while in 2017, it was already 53%, according to a survey by InMind, commissioned by Ukraine's Deposit Guarantee Fund with the assistance of the U.S. Agency for International Development (USAID).

The share of respondents who choose not to keep their savings in banks also increased from 33% in 2015 to 48% in 2017, the survey said.

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Moreover, 12% of Ukrainians today have term deposits in banks against 26% reported earlier.

There is also a significant decrease in interest in financial services in general.

While 25% of respondents (residents of cities with a population exceeding 50,000 people) were interest in such services in 2015, the figure dropped to 9% in 2017.