Edelman trust barometer 2024 - Innovation in Peril

Trust barometer Global headlines: 

The Edelman Trust Barometer examines global trust levels across four institutions: Government, NGOs, Media, and Businesses. Key themes persist over the years: authority dispersal, deepening class divides, infodemic impact, and businesses' emergence as societal issue-tacklers.

In 2024, trust disparities between developed and developing countries were evident, with business-government collaboration highlighted for managing innovation. No G7 country was trusted, with the UK ranking the lowest. 

• Key statistic: Developing countries are trusted at 63%. Developed countries in distrust zone at 49%.

A paradox emerged: rapid innovation promised prosperity but risked exacerbating trust issues, leading to societal instability and political polarization.

Acceptance of innovation is critical, but poorly managed (insufficient government regulation, lack of trust in traditional leaders, suspicion of science’s independence from politics and money) according to respondents. Green energy garners enthusiasm, while AI, gene-based medicines, and genetically modified foods face mixed reactions.

Respondents need to know that the inventions have been evaluated by scientists and ethicists, are effectively regulated, and feel in control over the impact on their lives.

Trust in authority figures like CEOs, government leaders, and journalists is low, with scientists seen as trustworthy but their independence questioned.

• Key statistic: Global average population distrust of CEOs, government leaders, and journalists, with 60% believing they lie intentionally.

Edelman proposes solutions:

1. Businesses, as the most trusted institution, should aid in solving innovation challenges and bolstering government trust.
2. Innovation should be accepted, managed, and controlled through partnerships between business and government.
3. Scientists must communicate effectively with the public and involve them in decision-making.
4. Innovation should occur gradually, with society given time to adjust and ensure global benefits.

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Deep dive on India Findings:

India emerged as a global leader in trust. 

India stands out as a global leader in trust, with all four institutions being trusted within the country. In comparison to other surveyed nations, India holds the highest level of trust for businesses and NGOs. Additionally, India ranks fourth globally in trust for media and fifth in trust for government. Globally, India trails only behind China in exhibiting high levels of trust across all four institutions: businesses, NGOs, government, and media.

Media Trust in India

More than 50% of the countries surveyed distrust the media. However, India has a traditional media ecosystem that’s still trusted by the public. Trust in all forms of media in India, including social media, has increased over the past two years.

Demand for Business-Government Partnership

There is strong support in India for partnership between business and government, especially for introducing new technologies and innovation in society.

Distrust in Indian Companies Abroad

The trust in Indian companies globally remains low according to the survey findings. However, there's a positive trend showing an increase in overall trust in Indian companies worldwide. Canadian companies rank as the most trusted globally, followed by German and Japanese companies. Indian companies, along with Chinese firms, are among the least trusted internationally. Interestingly, the most trusted companies by Indians are headquartered in Japan, followed by the US and the UK, while Chinese companies are viewed as the most distrusted.

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