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TORONTO (Sputnik) – Only 53 percent of Canadians have faith in their core institutions, falling by 3 percentage points from last year, a new study by Edelman, released on Monday, reveals. Researchers have found that, in general, income inequality...

Only 53 percent of Canadians have faith in their core institutions, falling by 3 percentage points from last year, a new study by Edelman, released on Monday, reveals. Researchers have found that, in general, income inequality now affects trust in institutions more than economic growth.

The Edelman Trust Barometer measures the public's trust in a country's non-governmental organisations (NGOs), business, government and media.

"The 2020 Edelman Trust Barometer reveals that despite a strong global economy and near full employment, none of the four societal institutions that the study measures—government, business, NGOs and media—is trusted. The cause of this paradox can be found in people's fears about the future and their role in it, which are a wake-up call for our institutions to embrace a new way of effectively building trust: balancing competence with ethical behavior", the report published on the official website said.

The study found that only 35 percent of Canadians believe that they and their families will be better off in five years' time, a decline of 2 percent year-over-year.

Similar declines were recorded in the US and Australia.

Overall, the study found that fewer and fewer see the virtues of capitalism, with 56 percent of respondents believing that "capitalism, as it exists today, does more harm than good in the world".

Edelman is one of the world's largest communications and public relations firms, founded by American public relations executive Dan Edelman in 1952.