Economic Pessimism on the Rise among Global Households

According to the Edelman Trust Barometer, a regular global survey that has been conducted for over two decades, only 40% of people believe that their families will be better off in the future. This is a significant decrease from the previous year, where 50% of people agreed with the statement “my family and I will be better off in five years.” The survey also revealed growing levels of distrust in institutions among low-income households.

The survey found that economic pessimism was at its highest in some of the world’s top economies, such as the United States, Britain, Germany, and Japan. This is likely due to the impact of the pandemic and inflation on these countries, which has resulted in societies being divided by the differential outcomes of these factors. Higher-income households still generally trust institutions such as government, business, media, and NGOs. However, alienation is prevalent among low-income groups.

The World Health Organisation and other institutions have noted the higher toll of the pandemic on the poor, while those on low incomes suffer most from costlier basic items. This has resulted in a growing sense of economic insecurity among low-income households, which is reflected in the survey results. The United States had the highest percentage of people who disagreed with the statement “my family and I will be better off in five years” (36%), followed by Britain (23%), Germany (15%), and Japan (9%).

Overall, the Edelman Trust Barometer survey highlights the growing sense of economic pessimism among global households, particularly among low-income groups. It also confirms the impact of the pandemic and inflation on societies, and how these factors have led to increased alienation among certain groups. With the ongoing economic uncertainty caused by these factors, it is important for governments and institutions to address the concerns of low-income households and work towards creating a more equitable future for all.

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