2024 Edelman Trust Barometer Unveils Innovation as a Surprising New Risk to Trust in Today's Landscape
Study Shows Concerns Over Poor Management of Innovation Leading to Heightened Polarization
In a prelude to the World Economic Forum, the latest 2024 Edelman Trust Barometer lays bare a concerning schism between innovation and society, becoming a key driver of heightened polarization. Unveiling a significant disparity, the study discloses that almost two-thirds of respondents see innovation as inadequately managed. This perception spans age groups, income levels, and gender, painting a nuanced picture of a global concern that transcends traditional demographic boundaries.
The unexpected revelation holds true in both developed and developing countries, where people are more inclined to express the belief that innovation is poorly managed rather than well-managed. Innovations have also taken on a political dimension, particularly in Western democracies, where right-leaning individuals are notably more likely to reject them compared to their left-leaning counterparts. The most significant disparities between right and left perspectives are observed in the U.S. (41 points), Australia (23 points), Germany (20 points), and Canada (18 points).
"Innovation is accelerating and should be a growth enabler, but it will be stymied if business doesn't pay as much attention to acceptance as it does research and development," warned Richard Edelman, CEO of Edelman. "Fear of innovation has now become the fourth log on the populism fire."
The study emphasizes that business holds a crucial role in reversing this trend, being the most trusted institution when it comes to introducing innovations into society. However, the focus should extend beyond investors, with a need for businesses to explain the broader societal impact of innovation.
More than two-thirds of respondents who perceive innovation as poorly managed believe that society is changing too quickly and not in ways that benefit "people like me" (69 percent). The study attributes the decline in trust and the rise of polarization to a mass-class divide, a significant trust imbalance between business and government, and the impact of the infodemic.
Businesses, according to the Trust Barometer, must collaborate with government entities to build trust in technology-led changes. Over the last decade, there has been a 15-point increase (45 percent to 60 percent) in people expressing trust in businesses partnering with government. Additionally, CEOs are expected to manage changes occurring in society, not just within their organizations, according to 62 percent of respondents.
The study also sheds light on concerns about the independence of science, with two-thirds of respondents in the U.S. feeling that science has become politicized. A notable 75 percent of respondents in China believe that government and research funders have too much influence on how science is conducted.
Kirsty Graham, President of Global Practices and Sectors at Edelman, emphasized the need for institutions to collaborate and address concerns over the impacts of innovation. "Institutions must work together to help address these concerns to allow a pathway for continued innovation and progress."
Additional key findings from the 2024 Edelman Trust Barometer include:
The UK ranks among the least trusting countries according to the Trust Index (39), with no other G7 countries displaying high trust.
Fear of an information war has jumped by six points from last year (61 percent).
Government is distrusted in 17 of the 28 countries surveyed, and media remains the least trusted institution globally.
Trust remains local, with 'My employer' once again the most trusted institution (79 percent trust among employees).
Significant gaps exist between trust in businesses and trust in industry innovations.
As the study underscores the evolving dynamics of trust in the face of innovation, it calls for concerted efforts to address concerns and foster an environment conducive to continued progress.
