SOCIAL FABRIC WEAKENS AMID DEEPENING DIVISIONS
We have studied trust for more than 20 years and believe that it is the ultimate currency in the relationship that all institutions - business, governments, NGOs and media—build with their stakeholders.
Our 2023 report revealed a slight decline in institutional trust in Canada, while economic confidence experienced a more significant drop. Only 28% of those surveyed believed their families would be in a better financial position in five years.
Despite the relatively stable trust in institutions, the sharp fall in economic confidence is concerning, with just 28% of participants expressing optimism about their family’s financial future. Businesses, as the most trusted institutions, bear the responsibility of addressing societal issues. There is a clear demand from Canadians for businesses to step up their efforts, with 58% believing that businesses are not doing enough to combat climate change and 52% feeling the same about income inequality.
A notable 60% of Canadians feel that societal divisions are greater now than in the past. Businesses can foster confidence and help to bridge these divisions by leveraging research, science, and reliable information. It’s crucial for societal leaders to show a long-term commitment to tackling issues ranging from sustainability and employment to fairness and inclusion. So, what are the implications for businesses?
Canadian Trust Insights
1. Institutional trust in Canada low but stable - Despite a turbulent year, trust in institutions has been relatively stable, with slight decreases in trust across the four core institutions since 2022.
2. Dropping economic optimism a concern - Only 28 per cent of Canadians say their family will be better off economically in five years’ time, a decrease of six points since last year and an all-time low
3. Employers continue to be the most trusted - At a time when no core institution is trusted, my employer continues to be a mainstay of trust, sittingat 75 per cent trusted by employees.