Where Has The Trust Gone?

Our society is now more polarized than for many years. Such is the overarching finding in the 2023 Edelman Trust Barometer (find it here), reporting for the 23^rd consecutive year on the state of trust across the world. Interestingly, Australians are less trusting of business, government, NGOs, and the media than they have ever been.

Overall trust has declined across the world and the report identifies the four main forces that are leading to an increased global polarization:

1. Economic anxiety
   Optimism is collapsing and most people do not think their families will be better off in 5 years.
   
   
2. Institutional imbalance
   Business is now generally seen as competent and ethical, being pressured to fill the void left by governments who are seen as incompetent and unethical.
   
   
3. Mass-class divide
   The top 25% of income earners have a very different perspective on trust than the bottom 25%.
   
   
4. The battle for truth
   The media is increasingly not trusted, especially social media.

Reflecting on the data collected, the authors propose four actions that can alleviate this polarization:

1. Business must continue to lead.
2. Collaboration between business and government.
3. Restore economic optimism.
4. Advocate for the truth.

To this end, it comes down to each of us as individuals and leaders to trust, be trustworthy, and promote optimism.