63% of Americans Say Financial System Needs Overhaul; Cryptocurrency Faces Awareness Barriers, According to U.S. DEF Survey

Key Points of This Article

• Only 19% of respondents in the U.S. survey deemed the financial system safe
• Cryptocurrency suffers from low awareness and trust, with exchange trust at 4%

Distrust in Existing Financial Systems is Clear

On the 27th, the U.S. DeFi Education Foundation (DEF) and the survey company Ipsos released a national survey titled "The Current State and Future of Finance: Perspectives of Americans." The survey was conducted from September 8 to 16, targeting 1,545 adults aged 18 and older in the U.S., with a margin of error of ±2.8 points. While there is a strong distrust in the existing financial system, it was found that both cryptocurrency and DeFi (decentralized finance) have low levels of awareness and trust.

Only 19% of respondents considered the current U.S. financial system to be safe. Meanwhile, 63% stated that an overhaul of the system is necessary to address new threats such as cybercrime and AI (artificial intelligence).

There is also a strong desire among individuals to manage their own data and assets. 49% feel they can control their assets, and 74% prioritize financial privacy.

80% believe that the financial system needs to change to allow for more freedom in managing personal data, and 74% think reforms are necessary to increase the freedom of managing funds and assets. Additionally, 66% want to have access to their funds at any time.

Trust in existing financial institutions is also not high. The percentage of those who said they "fully trust" or "somewhat trust" was only 48% for credit unions, the highest among institutions, down 5 points from 53% the previous year. Major national banks had a trust level of 42%, while regional and community banks had 41%.

Only 21% fully or somewhat trust centralized fintech companies, and 18% trust online-only banks.

Cryptocurrency Faces Challenges in Awareness and Branding

Despite growing dissatisfaction with existing systems, cryptocurrency and DeFi are not sufficiently recognized and have not gained trust.

Only 4% of respondents said they "highly trust" centralized exchanges (CEX), while 5% trusted DeFi platforms. These figures are significantly lower compared to traditional financial institutions, indicating a deep-rooted distrust in the cryptocurrency industry.

22% of people have owned or used cryptocurrency, an increase of 4 points from 18% in 2025. However, only 13% have used it in the past 12 months, remaining flat. 17% (1 in 6) said they might own cryptocurrency in the future, nearly unchanged from 16% in 2025. The main reason for trying cryptocurrency among users was "curiosity," at 34%.

16% expressed a desire to learn more about cryptocurrency, but only 9% said they are knowledgeable about it. 35% stated they "do not know how to explain cryptocurrency."

The phrasing of questions also led to significant differences in responses. When asked whether candidates should support building next-generation financial technologies in the U.S. in light of the midterm elections, 35% said it was important. However, when the same question included specific terms like "blockchain," "cryptocurrency," and "decentralized finance (DeFi)," the percentage of those who found it important dropped to 13%.

Journalist Eleanor Terrett commented on these results, stating, "As of 2026, cryptocurrency still faces branding challenges, and the path to proving its value to the average American is long."

She also mentioned the move by U.S. venture capital firm a16z to rename its cryptocurrency fund from "a16z Crypto" to "a16z Frontier," expanding its investment focus to frontier technologies including AI. This reflects a trend where companies tend to avoid defining themselves solely within the framework of "cryptocurrency."

Uses of DeFi Include Savings and Remittances

Regarding DeFi, 40% of respondents said they would like to try it if the environment allows, which is consistent with the level in 2025. Among them, 10% expressed a "very high" or "extremely high" intention to use it.

When asked about potential uses among interested groups, 85% mentioned savings (up from 77% in 2025), 82% for remittances to friends and family within the U.S. (up from 73%), and 82% for earning deposit interest. 69% also indicated they would like to receive job payments, retirement benefits, or government assistance, an increase from 58% the previous year.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.