Global trust in the financial services sector has reached an all-time high at 65%, an average six-percentage point increase from January, according to the 2020 Edelman Trust Barometer report.
The special report on financial services and the pandemic, which included a survey of 13,200 respondents in 11 key markets, also found that financial services employees are most trusting of their employers.
The original survey was conducted in October and November, with an update in April. It found that 10 of the 11 markets have shown an increased level of trust in financial services since January. China held on at the top with a 92% trust index level, an 11% jump from January. India followed at 83%; Saudi Arabia at 73%; and the U.S. climbed five percent to 61%.
Germany had the biggest jump in trust level in financial services with 15%, followed by Canada with 12%. And while France moved up four-percentage-point to 45%, it remained the most distrustful of the sector. Japan, the second most distrustful, dropped four percent to 47%.
Banks also fared well overall in the trust category, gaining five percentage points to 67%. Again, China, India and Saudi Arabia topped the list. Japan declined three percentage points to 52%; France had a six-percentage point gain to 46%, but it remained at the bottom.
Respondents gave life insurance an overall rating of 60% on the trust index, but opinions were mixed. Only four countries – China, India, Saudi Arabia and Mexico – gave it a positive trust level. The U.S., Canada and South Korea graded it neutral, while Japan, the U.K., Germany, and France were below 50% in their trust level for life insurance.
The report found that employees trust their employers to do the right thing. That trust level averaged a respectable 76%, with financial services employees being the most trusting of their employers at 84%, followed by employees in technology (82%); manufacturing (79%); health-care and professional services (tied at 78%); education and telecommunications (tied at 76%); food and beverage (75%) and retail (68%).
However, only 31% of employees overall said their CEOs are meeting demands of the pandemic. That included 36% of financial services employees, 38% of professional services employees and 39% of technology employees.
Sixty-five percent overall would like to see their CEO demonstrate public leadership instead of waiting for the government to act. When asked who they believe was doing an outstanding job meeting the demands placed on them by the pandemic, CEOS ranked last with only 29%. Just ahead were journalist and heads of NGOs, with 31% each. The highest ranking was academicians and scientists with 52%. National government leader came in at 47%, global health authorities at 46% and local government leader at 46%.
Moreover, a majority of respondents indicated that business is not meeting the challenge with an expected level of competence. And only 38% believe business is putting people before profits; 39% believe they are protecting their employees’ financial wellbeing and safeguarding their jobs; and 38% believe business is helping their smaller suppliers and business customers stay in business by extending them credit or giving them more time to pay.