People’s hopes for their financial futures suffered a “massive collapse” worldwide over the past year, the latest annual survey from global communications firm Edelman has found.
Edelman’s 2023 Trust Barometer has found a year-over-year double-digit decline in the belief that their families will be better off in five years’ time, in half the countries surveyed.
In a sign of global pessimism over the state of the world, the report found:
Further, not one developed nation has over 36 percent of its people confident that their family will be better off in five years, and 24 of the 28 countries surveyed dropped to all-time lows in optimism including the U.S. (36 percent), the UK (23 percent), Germany (15 percent) and Japan (9 percent).
The report also found that business is the only global institution seen as competent and ethical.
Business now holds “a staggering “53-point lead over government in competence and is 30 points ahead on ethics, Edelman reports.
"Business, done properly, is having a positive societal benefit."@EdelmanPR CEO @richardwedelman discusses his firm's latest trust survey, which shows that business is the only global institution seen as competent and ethical. pic.twitter.com/nSGu83HDK6
Edelman argues that “Trust is the ultimate currency”, with founder Richard Edelman insting that businesses must continue to lead on societal issues.
However, as writer Adam Lowenstein points out here, critics question whether the company follow its own advice about the importance of trust.
Adam points out:
The firm’s clients have ranged from ExxonMobil to the Saudi government and members of the Sackler family, the former owners of the opioid manufacturer Purdue Pharma.
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