A long-term global survey shows that the sense of inequality is increasing and is undermining people's trust in the social system and capitalism.
The 2023 Edelman Trust Barometer found that many people no longer believe that hard work will bring them a better life.
Despite strong economic performance, the majority of respondents in each developed market do not believe they will be better off in five years.
This means that, at least in developed markets, economic growth no longer seems to be able to drive trust - which overturns traditional views.
Richard Edelman, CEO of Edelman, said, "We live in a paradox of trust."
"Since we began measuring trust 20 years ago, economic growth has promoted an increase in trust. This situation continues in Asia and the Middle East, but not in developed markets, where income inequality is now a more important factor.
Fear is killing hope, and the long-held assumption that hard work leads to upward mobility is now invalid.
"Trust Gap" between the elite and the public is widening#
Among the global population surveyed, 56% of people believe that the current form of capitalism does more harm than good in the world.
The majority of employees worldwide (83%) are worried about unemployment due to automation, an impending economic recession, lack of training, cheap foreign competition, immigration, and the gig economy.
57% of respondents are concerned about losing the respect and dignity they once enjoyed in their own countries.
Nearly two-thirds of people believe that the pace of technological change is too fast. Australia is one of the countries with the largest decline in trust in technology.
Australians are most worried about losing their jobs due to the gig economy, followed by economic recession, lack of training, and foreign competitors.
Edelman said that this study also found that the "trust gap" between the elite and the public is growing, which may be a reflection of income inequality.
What we are seeing now is a surreal moment of optimism among the elite and despair among the masses (Alice in Wonderland moment)."
Although 65% of the global informed public (aged 25 to 65, university-educated, and in the top 25% of household income in their respective countries) trust their institutions, only 51% of the larger low-income public (everyone else, representing 83% of the global population) trust their institutions.
The report states, "The result is a world filled with two different realities of trust."
The informed public - wealthier, more educated, and frequent news readers - still trust each institution more than the general public.
In most markets, less than half of the general public trusts their institutions to do what is right.
The gap between these two groups has reached its highest level in history - a worrisome trust inequality.
The trust level of the informed public in Australia is 68%, far higher than the 45% in the general population.
Original Article: https://touzafair.com/people-no-longer-believe-working-hard-will-lead-to-a-better-life-survey-shows/