After a year of unprecedented disaster and turbulence — the Covid-19 pandemic and economic crisis, the global outcry over systemic racism and political instability — the 2021 Edelman Trust Barometer reveals an epidemic of misinformation and widespread mistrust of societal institutions and leaders around the world. Adding to this is a failing trust ecosystem unable to confront the rampant infodemic, leaving the four institutions — business, government, NGOs and media — in an environment of information bankruptcy and a mandate to rebuild trust and chart a new path forward.
With a growing Trust gap and trust declines worldwide, people are looking for leadership and solutions as they reject talking heads who they deem not credible. In fact, none of the societal leaders we track—government leaders, CEOs, journalists and even religious leaders—are trusted to do what is right, with drops in trust scores for all.
Without a trusted leadership source to look to, people don’t know where or who to get reliable information. The global infodemic has driven trust in all news sources to record lows with social media (35 percent) and owned media (41 percent) the least trusted; traditional media (53 percent) saw the largest drop in trust at eight points globally.
While the world seems to be clouded by mistrust and misinformation, there is a glimmer of hope in business. This year’s study shows that business is not only the most trusted institution among the four studied, but it is also the only trusted institution with a 61 percent trust level globally, and the only institution seen as both ethical and competent.
The Covid-19 pandemic, with more than 1.9 million lives lost and joblessness equivalent to the Great Depression, has accelerated the erosion of trust around the world. This is evident in the significant drop in trust in the two largest economies: the U.S. and China. The U.S. (40 percent) and Chinese (30 percent) governments are deeply distrusted by respondents from the 26 other markets surveyed. And most notable is the drop in trust among their own citizens, with the U.S., already in the bottom quartile for trust, experiencing an additional 5-point drop since its presidential election in November 2020 and China seeing an 18-point drop since May 2020.
Trust remains the most important currency in lasting relationships between the four institutions studied and their various stakeholders. Particularly in times of turbulence and volatility, trust is what holds society together and where growth rebuilds and rebounds. Every institution must play its part in restoring society and emerging from information bankruptcy:
CEOs leading on a range of familiar and unfamiliar issues. It's important to take meaningful action first and then communicate about it.
They must have the courage to provide straight talk, but also empathize with and address people's fears.
Business, government, media, and NGOs must find a common purpose and take collective action to solve societal problems.
Download the report, explore the findings and learn how we can help your company bridge the gap.
The Edelman Trust Barometers includes data on trust in businesses, media, government and NGOs in Portugal and globally — an essential reference for any corporate communication strategy.