A growing sense of inequality is undermining trust in both society's institutions and capitalism, according to a long-running global survey.
The 2020 Edelman Trust Barometer - now in its 20th year - has found many people no longer believe working hard will give them a better life.
Despite strong economic performance, a majority of respondents in every developed market do not believe they will be better off in five years' time.
This means that economic growth no longer appears to drive trust, at least in developed markets - upending the conventional wisdom.
"We are living in a trust paradox," said Richard Edelman, CEO of Edelman.
"Since we began measuring trust 20 years ago, economic growth has fostered rising trust. This continues in Asia and the Middle East but not in developed markets, where national income inequality is now the more important factor.
Fears are stifling hope, and long-held assumptions about hard work leading to upward mobility are now invalid.
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Growing 'trust chasm' between elites and the public
Fifty-six per cent of the surveyed global population said capitalism in its current form does more harm than good in the world.
Most employees (83 percent) globally are worried about job loss due to automation, a looming recession, lack of training, cheaper foreign competition, immigration and the gig economy.
Fifty-seven percent of respondents worry about losing the respect and dignity they once enjoyed in their country.
Nearly two in three feel the pace of technological change is too fast. Australia recorded one of the largest declines of trust in technology.
Australians were most worried about losing their job to the gig economy, followed by recession, lack of training, and foreign competitors.
The study also found a growing "trust chasm" between elites and the public that could be a reflection of income inequality, Edelman said.
We now observe an Alice in Wonderland moment of elite buoyancy and mass despair," he said.
While 65 per cent of the worldwide informed public (aged 25-65, university-educated, in the top 25 per cent of household income) said they trust their institutions, only 51 per cent of the mass public (everyone else, representing 83 per cent of the total global population) said the same.
"The result is a world of two different trust realities," the report says.
"The informed public - wealthier, more educated, and frequent consumers of news - remain far more trusting of every institution than the mass population.
"In a majority of markets, less than half of the mass population trust their institutions to do what is right.
"There are now a record eight markets showing all-time-high gaps between the two audiences - an alarming trust inequality."
Trust levels among the informed public in Australia were at 68 per cent, far higher than the 45 per cent recorded among the mass population.
TrumpdUP on January 20th, 2020 at 13:22 UTC »
I made the mistake of being a hard worker at work and now they look at me to pick up the slack of the shitty workers who they for some reason won’t fire.
master_santa on January 20th, 2020 at 13:21 UTC »
As someone who has had their first "real" job (post-college, office job) for about a year, my first impression is that the hardest workers do not suceed. The people in the "inner" group that socialize and kiss each others asses do, even if they are lazy and unorganized AF.
redvelvetcake42 on January 20th, 2020 at 12:44 UTC »
Well... yeah. I used to "work hard" at all my jobs and all it ever got me was a pat on the back. Never got a raise, never got promoted, never got legitimate recognition.
Since then ive began working in IT and its not that I dont work hard, but I just dont overwork myself cause there is no benefit. I do the work I need to, bare minimum and a little more, and go home. Since taking on that strategy Ive doubled my takehome pay in 2 years by simply applying for positions and getting them. One was a promotion I applied for then the other, after that position, was moving to a new company that pays far more for equal work.
There is ALWAYS an employer out there paying more for what you are doing right now. Find them.
Edit: for some context and example, I used to work in radio and in 4 years I only made minimum wage. No wage increase. I went from loving my position to just treating it like another job. A coworker, and cohost to a show we were on, would do things for free and cover shifts for free. He screwed the rest of us and ended up leaving right at the same time I did. What did it get him? Nothing. He thought it would get him, his own show. All it got him was unpaid hours of work. He now does business mgmt for an equipment company. The guy played himself hard and got exactly nothing in return for his going above and beyond.