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Trust in financial sector still low

January 22 2013 at 08:00am

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FINANCIAL service providers and banks were the least-trusted industries for the third year in a row, with half of people surveyed saying that they could be trusted to do what was right, according to an annual poll by public relations company Edelman.

The numbers improved from the survey released last year, in which 45 percent said they trusted financial companies and 47 percent trusted banks.

Technology firms topped the ranking again with 77 percent, down 2 percentage points from a year earlier, according to the poll of the so-called informed public aged between 25 and 64 in 20 countries last October and November.

Institutions were more trusted overall this year and the reputation of business continued to surpass government. The portion of the informed public who said that they trusted business climbed to 58 percent from 53 percent a year ago, while trust in governments rose to 48 percent from 43 percent, the survey found.

The share who said that they trusted business “a great deal” was 17 percent, the same as for governments, according to the online poll.

The country with the highest proportion of people who said that they trusted business was Mexico, at 82 percent. Those with the lowest trust were South Korea, at 31 percent.

Edelman releases the Trust Barometer survey results annually at the start of the World Economic Forum’s meeting in Switzerland. – Bloomberg


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