2023 Edelman Trust Barometer
While the recent turmoil in financial services is being managed, the ramifications and aftereffects are still to be seen. It is against this backdrop that we launched the 2023 Financial Services Edition of the Edelman Trust Barometer. This report uncovers the pressures on the financial system eroding the critical commodity of trust. The data digs deep to reveal the underlying dynamics of economic anxiety and regulatory realities, feeding into to an unprecedented mass-class divide. A lack of trust in institutions and society has brought us to where we are today – deeply and dangerously polarized.
2023 Financial Services Trust
April Update
To obtain the most timely consumer sentiment, Edelman Smithfield went back into the field in April 2023 and conducted a new survey taking a deeper dive into new areas related to recent disruptions to the banking industry.
Download US Report hereAmerican Public is Concerned Given Recent Bank Collapses and Financial Instability
76%
of respondents say they are worried they cannot trust the information they read on social media about banks / financial institutions
Concerned With Their Bank’s Reputation
22%
of respondents say they would look for an alternative bank to place their deposits
Four Pillars Impact Trust in the Financial Services Sector
Economic Anxieties
Economic optimism collapsing around the world, with 24 of 28 countries seeing all-time lows in the number of people who think their families will be better off in 5 years. High concerns on inflation, retirement and the ability to pay bills.
Regulatory Realities
Business is under pressure to step into the void left by government. Underscored even more strongly in the financial services world, where lack of transparency and lack of regulatory oversight can bring down institutions in a weekend.
The Battle for Truth
Media is not trusted with especially low trust in social media, which can accelerate panic and fuel misinformation. Most trusted source of information is “My Employer,” 9 points ahead of media reports and sources.
Mass-Class Divide
Top quartile of income earners live in a different trust reality than those in the bottom quartile, with 20+ point gaps in Thailand, the United States, and Saudi Arabia. This polarization is showing up as diverging belief systems in areas like ESG and DEI.
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