Household Wealth Optimism Collapses, Global Survey Shows

According to a regular global survey, two out of five people believe their family will have a better life in the future. The survey also found growing distrust of the system among low-income households.

After examining the attitudes of thousands of people for more than two decades, the Edelman Trust Barometer found that economic pessimism was highest in some of the world’s top economies, including the US, UK, Germany and Japan. discovered.

Furthermore, it confirmed how societies have been divided by the effects of the pandemic and inflation. High-income households still have broad trust in institutions such as governments, businesses, media and NGOs. However, alienation is prevalent among low-income groups.

Richard Edelman released the results of a survey by the Edelman Communications Group, which interviewed more than 32,000 respondents in 28 countries between November 1st and November 28th last year.

“We have seen that in the pandemic because the health outcomes are different, but now we are looking at it in terms of the impact of inflation,” he added. The World Health Organization and others have noted that the poor are the most victims of the pandemic, with low-income people suffering the most from more expensive basic items.

Globally, only 40% agreed with the statement, “My family and I will be better off in five years.” A year ago he was 50%. Germany (15%) and Japan (9%).

Such fears reflect serious uncertainty about the state of the global economy as the Ukraine war continues and central banks raise lending rates to keep inflation in check. The World Bank warned on Tuesday that the economy could slip into recession this year.

Edelman’s long-running Trust Index found that high-income US respondents had an average trust level of 63% in major institutions, but that number dropped to just 40% among low-income respondents. Similar differences based on income were found in Saudi Arabia, China, Japan and the United Arab Emirates.

High-level respondents agreed with the statement that ‘we see a deep division and I don’t think we can get over it’ in various countries, including Argentina, the United States and the South, suggesting complete polarization. There was also. Africa, Spain, Sweden, Colombia.

While such attitudes inevitably reflect current events, declining trust in government in particular has been a major theme of the survey for several years, and this year’s trust level is the highest in comparison scored by businesses. It is sharply lower than that of a healthy one.