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Canada’s 2024 Edelman Trust Trends Report

Report | March 11, 2024

2024 Edlemen Trust Report Canada - Canada's 2024 Edelman Trust Trends Report

Image: Cover, 2024 Edelmen Trust Barometer (Canada Report)

Understanding the 2024 Edelman Trust Trends: A Closer Look at Canada

The 2024 Edelman Trust Barometer sheds light on Canada's national trends that are shaping our society. This year's findings offer a fascinating glimpse into the public's perception of trust across various institutions and innovations. Let's dive into the key trends and what they mean for Canadians.

The report highlights a paradox: while innovation promises prosperity, it also exacerbates trust issues, leading to societal instability and political polarization.

Globally, the Edelman Trust Barometer reveals a complex picture of trust amidst rapid technological advancements and societal changes. The report highlights a paradox: while innovation promises prosperity, it also exacerbates trust issues, leading to societal instability and political polarization. This global backdrop sets the stage for understanding Canada's unique position in the trust landscape.

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In Canada, the Trust Barometer indicates a slight shift in public sentiment towards institutions and innovations. Here's what stands out:

  • Businesses have seen a significant gain in trust among Canadians, with a 5-point increase from the previous year, making business the only institution to register a significant trust gain. This shift suggests that businesses are perceived as more reliable stewards of change, possibly due to their responses to societal challenges and innovations.
  • Trust in government and media remains low, continuing the trend from the previous year. Institutions need to engage more transparently and effectively with the public.
  • Trust in NGOs remains relatively stable, indicating their continued importance in the Canadian trust ecosystem. Their role in addressing societal issues and bridging gaps between the public and other institutions is more crucial than ever.
  • Canadians express mixed feelings about innovations. For instance, trust in AI is 19 points lower than the global average, highlighting strong resistance. Conversely, green energy and gene-based medicine are viewed more positively, with more enthusiasm for green energy innovations.

What This Means for Canada

The increased trust in businesses (57% trust level) presents an opportunity for the private sector to lead in addressing societal challenges and fostering innovation. However, the continued hesitation towards government (49% trust level) and media (51% trust level) emphasizes the need for these institutions to rebuild trust through transparency, engagement, and effective communication.  For example, 81% of Canadians believe keeping innovations affordable is crucial for businesses to earn or keep their trust.

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The mixed feelings towards innovation highlight a clear message:

Canadians are open to change but demand that it be managed responsibly.

Conclusion

The path forward involves a collective effort from all institutions to engage, listen, and respond to the public's concerns.  By fostering an environment of transparency and accountability, Canada can harness the positive potential of innovations while maintaining the public's trust.


NCFA Jan 2018 resize - Canada's 2024 Edelman Trust Trends ReportThe National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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