Nine out of ten residents have confidence in the Island's financial institutions, according to a survey carried out by Reasearch.bm.

And the reseach company has also revealed that nearly half of residents were shopping less in Bermuda early in the year because of economic conditions. In polls carried out between January and April this year, Research.bm found that the economy was one of the most important issues facing the Island, along with crime and housing.

In one of the more recent surveys, 89 percent of residents polled said they were confident in local banks,and believe that they have the ability to withstand the current global economic crisis.

A January 2009 poll found that 44 percent of residents said they were shopping less in Bermuda because of current concerns about the economy, while 30 percent said they were shopping less online.

"Amid news of ongoing difficulties in global financial markets, troubles in the international banking industry and the announcement of a capital raise by a prominent local bank, close to 90 percent of Bermudians think our banks are strong and well positioned to weather the storm," said Dr. Leslie Steede, research manager of Research.bm.

"That's the silver lining in these survey results. Although times are tough in retail, with consumers putting off big purchases, confidence in the financial sector means that people are continuing to save with local institutions and will continue to turn to them for financing solutions when they are ready to spend again¿ the foundation for an economic rebound, therefore, is intact in Bermuda."

The results have a margin of error of +/- 4.9 percent.