Utterly and completely wrong on multiple levels. Almost everyone (in "developed" nations) uses encryption (directly or indirectly). Banking today would be largely impossible without it (just to name one really simple example among many).
> "I have nothing to hide so I don’t need it"
“Arguing that you don't care about the right to privacy because you have nothing to hide is no different than saying you don't care about free speech because you have nothing to say.” ― Edward Snowden
The ACLU has a ton of articles about why this sort of "I have nothing to hide" thinking isn't really well thought out. Here's just one: [1] The web in general has many more such articles. Spend a few minutes with your favorite search engine.
The banking and whatever is fine, but encryption should be back doored so the police can see the data if they need to. If you have nothing to hide this is okay.
Encryption should be back doored so every hacker-wannabe and their dog can sell private information on the dark web, and hold data for ransom even more than they already do, you say? I decline, thank you very much.
As to "If you have nothing to hide", everyone has something that's nobody's damn business to know, and weakening encryption is not a solution. It's just a can of worms nobody really wants opened, even though many people ignorant of the consequences think they do.