Public trust in institutions, capitalism, and even the value of hard work continues to erode in 2025, according to the latest Edelman Trust Barometer, now in its 25th year. The survey of more than 30,000 respondents across 28 countries highlights widening divisions between elites and the broader public, a growing crisis of legitimacy for capitalism, and deep fears about job security in an age of technological disruption.
The End of the Hard Work Promise
A striking theme of the 2025 findings is the collapse of faith in upward mobility. In developed economies, majorities no longer believe that hard work will lead to a better life — a profound shift from past decades when economic growth and trust rose in tandem.
“In developed markets, national income inequality has replaced growth as the most powerful driver of trust,” said Richard Edelman, CEO of Edelman. “People are telling us that effort no longer guarantees progress. This is the essence of today’s trust paradox.”
The data show that across North America, Europe, and parts of Australasia, more than 60% of respondents believe they will be worse off within five years, despite record stock market highs and strong GDP figures in several countries.
Capitalism Under Fire
Global skepticism of capitalism has deepened since the 2020 survey. In 2025, 62% of respondents worldwide said capitalism, in its current form, does more harm than good — up six percentage points in five years. Disillusionment is particularly strong among younger generations, who see widening wealth gaps and limited access to housing, healthcare, and stable employment.
Job insecurity remains the number one fear. Over 80% of workers globally say they worry about losing their livelihood, citing automation, artificial intelligence, outsourcing, climate-related economic shocks, and the dominance of platform-based gig work. In some markets, fears of AI-driven job loss now surpass those linked to immigration or trade competition.
Technology: From Hope to Anxiety
What was once hailed as the great equalizer has become another source of division. Nearly two-thirds of respondents said technology is advancing too fast for society to adapt. Concerns about privacy, deepfakes, and algorithmic bias have fueled distrust in tech companies, while the pace of AI adoption has left many workers feeling vulnerable and unprepared.
In Australia, where trust in technology has fallen more sharply than almost anywhere else, the gig economy remains the top driver of job anxiety. By contrast, in Asia and the Middle East, where growth continues to lift millions into the middle class, trust in technology and institutions remains relatively stronger.
A Widening Trust Divide
The survey underscores an expanding “trust chasm” between elites and the general public. Globally, 68% of the “informed public” — wealthy, university-educated, and regular news consumers — said they trust institutions, compared with just 49% of the mass population.
This two-tier reality reflects what Edelman calls “elite buoyancy and mass despair.” In markets such as the U.S., Germany, and Australia, trust gaps between the two groups have reached record highs, with more than 20-point differences.
“The world is now split between those who benefit from globalization, technology, and capital, and those who feel left behind,” the report warns. “Without bridging this divide, both capitalism and democracy face accelerating legitimacy crises.”
The Road Ahead
The 2025 Edelman Trust Barometer paints a picture of societies caught between progress and paralysis. Economic growth alone no longer builds trust. Instead, people want systems that address inequality, provide security, and ensure fairness in the distribution of opportunities.
If institutions cannot deliver, the report suggests, populist movements, social unrest, and declining faith in democratic norms are likely to intensify.
“Trust is the currency of stability,” Edelman concluded. “The question now is whether governments, businesses, and civil society can earn it back before it’s too late.”
