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FINANCING THE FUTURE

Business remains the most trusted institution, even as the economic mood gets more bleak

In its annual barometer of trust, Edelman reports growing polarization and little faith in government or the media.

Business remains the most trusted institution, even as the economic mood gets more bleak

[Source Photo: Getty Images]

BY Shalene Gupta1 minute read

As we embrace the start of 2023 and say hello to increasing layoffs and the prospect of a recession, it’s hard to know which institutions to trust.

Edelman just released its yearly Trust Barometer, which has served as a pulse check of trust for 23 years. The 2023 report includes survey responses from over 32,000 people across 28 countries. Here are some of the key findings.

The economic mood is bleak 

  • Only 40% of people believe their families will be financially better off in five years, a 10% drop from last year. Economic optimism is at an all-time low for 24 out of the 28 countries surveyed.
  • 89% of respondents are worried about job loss and 74% about inflation, while 76% are worried about climate change.

Business remains the most trusted institution 

  • Edelman asked respondents how much they trust businesses, government, nonprofits, and the media. Business is the only trusted institution, with an 11-point lead over government and a 12-point lead over the media—the latter of which is the least trusted institution.
  • 50% or more of respondents want to see businesses engage more in climate change, economic inequality, and energy shortages.
  • Over 70% want CEOs to take a stance on social issues like immigration, the wealth gap, discrimination, and climate change.

Polarization is on the rise in more ways than one

  • Overall, 53% of respondents say their country is more divided than it was in the past.
  • 65% of respondents say the lack of civility and mutual respect is the worst they’ve seen, and only 30% say they would help someone who strongly disagrees with their point of view. Only 20% would be willing to have them as a coworker.
  • In the United States, only about a quarter of Republicans trust the government, the media, and that they will be better off in five years. By comparison, about 60% of Democrats trust the government and the media, and 48% believe they’ll be better off in five years.

You can check out the full report here.

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ABOUT THE AUTHOR

Shalene Gupta is a frequent contributor to Fast Company, covering Gen Z in the workplace, the psychology of money, and health business news. She is the coauthor of The Power of Trust: How Companies Build It, Lose It, Regain It (Public Affairs, 2021) with Harvard Business School professor Sandra Sucher, and is currently working on a book about severe PMS, PMDD, and PME for Flatiron More


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