Trust acts as an important currency – it facilitates interactions and relationships across personal and business spheres. It cultivates an environment of shared vision and values, accountability and collaboration. Simply put, trust enables confidence in effective governance and encourages economic transactions. Nurturing and upholding trust, therefore, is essential for a sustainable society and a sense of shared purpose among its members. And so, when it wavers, there’s a problem. Or, at least, one that may be slowly brewing left unattended.

The tracking of trust data, in an era of polarization, misinformation and economic uncertainty, is more crucial than ever. And in its ninth year, the 2024 Proof Strategies CanTrust Index stands out as a repository of insights related to the concept and workings of trust within Canada.

This comprehensive survey, which gathered intel from 1,501 Canadians via a 7-point scale, used a national opt-in panel managed by data collection firm The Logit Group. Conducted in both official languages, it ensured representation of the Canadian population across various demographics, including region, age and gender. The fieldwork spanned from January 3 to January 13, 2024. The 2024 Proof Strategies CanTrust Index was released within one month of completion to provide the most current data. Here are some of the key findings.

Economic unease has now eclipsed concerns related to the pandemic by a considerable margin.

Canadians, particularly women, harbour deep concerns about the country’s economic status, citing fears of a recession, escalating housing costs and inflationary pressures. This year, economic anxiety seems to have surpassed concerns linked to the pandemic, even during its height in 2022. The study reveals that 67% of Canadian respondents acknowledge an escalation in anxiety and stress due to the economy, compared to 46% who had reported pandemic-induced stress in 2022.

A whopping 74% of women specifically note experiencing anxiety and stress about the economy. Despite half of Canadians expressing overall life satisfaction, only 34% report economic satisfaction. This marks a six percent decrease from 2021 when economic satisfaction hovered at 40%.

Trust in vital elements of the economy is also alarmingly low among Canadians: 48% trust Canada’s employment insurance system, 41% have confidence in the Canadian financial markets and 39% trust the immigration system.

Trust in AI integration is on the decline, with two-thirds of Canadians adopting a skeptical stance.

When queried about their trust in AI’s contribution to the Canadian economy, only 33% responded positively, underscoring a decrease from the 39% recorded in 2018. Similarly, trusting AI to enhance the consumer experience lands at 37%. Regionally, trust in AI for economic contributions is at a high of 37% in Quebec and a low of 29% in B.C.

The study reveals sentiment on levels of trust in AI across sectors, showing that Canadians display skepticism across the board: 33% in government, 29% in financial services, 29% in healthcare and 22% in retail. It becomes clear that it’s crucial for each sector to actively work on fostering trust as they expand usage of AI. Establishing this kind of trust in the advancements of this tech requires a holistic approach, cultivating trust not only in the technology itself but also in the companies using it and in how they’re using it.

But of course, it bears mentioning that younger generations exhibit a more open mind towards trusting AI. Among Millennials, 39% express trust in AI contributing to the economy, compared to 28% of Baby Boomers. Additionally, 43% of Millennials trust AI to enhance the consumer experience in comparison to 27% of Baby Boomers.

Baby boomers tend to have greater confidence in traditional sectors such as banks and utilities, while Generation Z exhibits a stronger inclination towards placing trust in digital industries, with a particular emphasis on streaming services. Trust in e-commerce is growing overall.

Canadians are finding solace in their closest and most secure circle – family and friends.

When asked about the sources they trust for reliable information, 76% of the Canadian respondents identified friends and family, marking an 11% uptick since 2022. Trust, for many Canadians is fostered by attributes such as shared values, open communication and reliability, and in challenging economic circumstances, family and friends align with these foundational factors. Relying on this inner circle extends to critical issues like climate change. In terms of trustworthy information on such issues and their impact, 54% of Canadians indicated they trust the information shared by their close circle, a notable 14% increase since 2023.