Trust shapes all of our relationships, whether personal or corporate. In the second installment of this series on trust by Creating Communities Australia, we consider how economic anxiety is shaping our trust relationship with institutions, government, and business.
It comes as no surprise that economic anxiety shapes trust. When interest rates rise for the tenth consecutive time, and mortgage stress affects increasing pockets of society, it is reasonable to question the wisdom of monetary policy. To wonder whether the institutions announcing these fiscal changes can be trusted.
Anxiety does not always follow rational paths and economic anxiety is no different. While we may accept that certain policies are ‘necessary for the nation’, the notion doesn’t make it more palatable for the individual.
In a study across 28 countries (including Australia) with 32,000 respondent, Edelman Research examined the fluctuating levels of trust in political, business and institutional spaces. These findings have contributed to an annual Trust Barometer now in its twenty-third year.
The 2022 barometer highlighted that economic optimism is collapsing all around the world with 24 of 28 responding countries seeing all time lows, in the number of people who think their families will be better off in five years.