2024 Edelman Trust Barometer Reveals Innovation has Become a New Risk Factor for Trust

The 2024 Edelman Trust Barometer reveals a rift between innovation and society that has become the new factor causing further polarization. Respondents, by nearly a two-to-one margin, feel innovation is being poorly managed; this is true across age groups, income levels, and gender, and in both developed and developing countries people are more likely to say innovation is poorly managed than well managed. Innovations have also become politicized, especially in Western democracies where right leaning individuals are far more likely than those on the left to reject them; the biggest differences between those on the right and left are 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,” said Richard Edelman, CEO of Edelman. “More than two-thirds of our respondents who say innovation is poorly managed believe society is changing too quickly and not in ways that benefit ‘people like me’ (69 percent). The mass-class divide, the huge imbalance in trust between business and government and the infodemic have been the forces behind the decline in trust and the rise of polarization. Fear of innovation has now become the fourth log on the populism fire.”Business has the best opportunity to reverse this trend because it is the most trusted institution, both in general and when it comes to introducing new innovations into society. But it must focus on explaining the impact of innovation and its net positive for society and not just investors. But it can’t act alone. Over the last decade the Trust Barometer has seen a 15-point increase (45 percent to 60 percent) in people saying that if business partners with government, they would trust it more with technology-led changes. Nearly two thirds expect CEOs to manage changes occurring in society, not just those occurring in their business (62 percent), and around 8 in 10 employees say it’s important for their CEO to speak publicly about job skills of the future (82 percent), the ethical use of technology (79 percent) and automation’s impact on jobs (78 percent).Many believe that science is losing its independence: to Government, funders, and the political process. In the U.S., two thirds believe science has become politicized (67 percent) and in China, three quarters of respondents say that Government and organizations that fund research have too much influence on how science is done (75 percent). When people feel that innovation is poorly managed, they are more likely to say that the system is biased in favor of the rich than those who feel innovation is managed well (82 percent vs 53 percent). This has led to a dispersion of authority, where people view “someone like me” (74 percent) on par with scientists and experts (74 percent) in terms of who they can trust to tell them the truth about new innovations and technologies.”Against the backdrop of the biggest global election year in history with more than 50 elections slated to take place, trust is under siege from a number of forces,” said Kirsty Graham, President, Global Practices and Sectors at Edelman. “Concern over the impacts of innovation and those driving it have led to greater suspicion of economic and political systems. Institutions must work together to help address these concerns to allow a pathway for continued innovation and progress.”