People trust businesses more than governments, other institutions: Survey

People trust businesses more than governments, other institutions: Survey

People worldwide are gloomier about their economic prospects than ever before and trust business far more than other institutions like governments, nonprofits, and the media in an increasingly divided world, according to a survey from public relations firm Edelman.

Released late Sunday to coincide with the World Economic Forum’s gathering of business elites and government leaders this week in Davos, Switzerland, the online survey conducted in 28 countries shows that fewer people believe their family will be better off in five years.

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Those who believe they’ll be better off dropped to 40 percent from 50 percent last year and hit all-time lows in 24 nations. That is because 89 percent fear losing their job, 74 percent worry about inflation, 76 percent are concerned about climate change and 72 percent worry about nuclear war.

The Edelman Trust Barometer also says 62 percent of respondents see business as both competent and ethical, compared with 59 percent for nongovernmental agencies, 51 percent for governments and 50 percent for the media. That was attributed to how companies treated workers during the COVID-19 pandemic and return to offices as well as many businesses vowing to