Business trusted most among govts, NGOs, media in polarizing world: Report

People are more gloomy about their economic prospects than ever before and trust business far more than other institutions like governments, nonprofits, and the media in an increasingly divided world, according to a survey from public relations firm Edelman.

Released late Sunday to coincide with the World Economic Forum's gathering of business elites and government leaders this week in Davos, Switzerland, the online survey conducted in 28 countries shows that fewer people believe their family will be better off in five years.

Those who believe they'll be better off dropped to 40 per cent from 50 per cent last year and hit all-time lows in 24 nations. That is because 89 per cent fear losing their job, 74 per cent worry about inflation, 76 per cent are concerned about climate change, and 72 per cent worry about nuclear war.

The Edelman Trust Barometer also says 62 per cent of respondents see business as both competent and ethical, compared with 59 per cent for nongovernmental agencies, 51 per cent for governments, and 50 per cent for the media. That was attributed to how companies treated workers during the COVID-19 pandemic and return to offices as well as many businesses vowing to exit Russia after it invaded Ukraine.

People still said they distrusted CEOs as well as government leaders and journalists, while trusting their own corporate executives, co-workers, and neighbours. Scientists were trusted the most by 76 per cent of respondents.

The increased level of trust in business brings with it higher-than-ever expectations of CEOs to be a leading voice on societal issues, said Richard Edelman, CEO of Edelman. By a six-to-one margin, respondents want more societal involvement by business on issues such as climate change, economic inequality, and workforce reskilling."