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24 augustus 2021 Onderzoek Toezichtlabel Working Papers

Using two large-scale surveys among households, we examine the drivers of trust in banks, insurance companies, BigTechs, and other people in the United States and the Netherlands, and analyse whether the COVID-19 pandemic has affected public trust. Our results suggest that the COVID-19 pandemic did not have much effect on trust in financial institutions in the US and the Netherlands. However, trust in BigTechs and trust in other people declined in both countries, especially in the US. Our regression results show that the relationship between respondents’ characteristics and (changes in) trust differs across the US and the Netherlands, but for both countries we find evidence that individuals with poor health have lower levels of trust than healthy people, and that trust among poor-health respondents dropped more during the pandemic.

Keywords: trust, COVID-19, financial institutions, BigTechs, health, consumer survey.
JEL classifications: D12, D83, E58, G21, G22.

DNB Working Paper No. 723 

723 - Has the COVID-19 pandemic affected public trust? Evidence for the US and the Netherlands



  • Carin van der Cruijsen
  • Jakob de Haan
  • Nicole Jonker