The 2024 Edelman Trust Barometer reveals a new paradox at the heart of society. Rapid innovation offers the promise of a new era of prosperity, but instead risks exacerbating trust issues, leading to further societal instability and political polarization.
In a year where half the global population can vote in new leaders, the acceptance of innovation is essential to the success of our society. While people agree that scientists are essential to the acceptance of innovation, many are concerned that politics has too much influence on science. This perception is contributing to the decline of trust in the institutions responsible for steering us through change and towards a more prosperous future.
Most institutions are not trusted to introduce innovations to society. While business leads, it’s still just below 60 percent (Trust is 60 percent or above). Media is actively distrusted. And there is less trust across institutions among those with low income.
Respondents by nearly a two-to-one margin believe innovation is poorly managed (insufficient government regulation, lack of trust in traditional leaders, suspicion of science’s independence from politics and money). 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.
Mismanaged innovations are as likely to ignite backlash as advance society. With breakthroughs like AI, vaccines, and green energy on the line, explaining the science and managing impacts is essential.
Business is most trusted to introduce innovation into society, with an emphasis on partnering with government. CEOs need to safeguard jobs and take a stand on emerging ethical concerns.
Scientists are still trusted—but increasingly subject to public scrutiny. To build trust in expert recommendations, explain the research, engage in dialogue, and harness peer voices as advocates.
When people feel in control over how innovations affect their lives, they are more likely to embrace them, not resist them. Listen for concerns, be open to questions.
The global launch event for the 2024 Edelman Trust Barometer took place during the World Economic Forum in Davos, Switzerland. Richard Edelman, CEO, Edelman, presented this year’s findings, followed by a panel discussion moderated by Gillian Tett, Provost, King’s College, Cambridge & Columnist and Editorial Board Member, Financial Times; with Srikant Datar, George F. Baker Professor of Administration, Dean of The Faculty, Harvard Business School; Doug Peterson, CEO, S&P Global; Thomas Siebel, Chairman & CEO, C3 AI; and Helle Thorning-Schmidt, Former Prime Minister of Denmark.
Trust is based first on economic prosperity, evidenced by the fact that developing countries have higher trust levels than developed countries. Innovation can drive growth for all levels of society, resulting in higher trust in institutions.
A majority of respondents who believe that innovation is poorly managed think that society is changing too quickly and not in ways that benefit people like me.
Seventy-four percent say they trust scientists and peers, equally, for the truth about innovations; however, peers are more trusted than scientists among those who think innovation is poorly managed.
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.