U.S. Trust Executive Vice President Paul K. Napoli said the dichotomy between mistrust and optimism is a "dynamic tension," with anxiety and fear on the rise at the same time that confidence in the stock market is returning. "There’s a powerful level of mistrust," he says. But, he notes, "There’s still a long-term belief in equity markets. People view [the scandals] as a temporary, severe problem, and they’re demanding a solution."

The survey showed strong support for measures intended to prevent corporate governance and Wall Street abuses. Eighty-seven percent called for more stringent laws and regulations governing the accounting firms that audit public companies; 85 percent supported more regulations governing public corporations and their executives; and 84 percent favored high profile prosecutions. (The survey had a margin of error of plus or minus 6 percent.)

The survey also revealed that:

• Affluent Americans worried more about terrorism and security issues in 2003, perhaps due to the effects of the war in Iraq. Eighty-six percent of the respondents were concerned that terrorism in the United States and abroad will have a negative effect on the economy and the securities markets. In U.S. Trust’s 2002 survey, that percentage stood at 76.