Only two in five people (40%) believe their families will be better off financially in the future, according to a global survey.
The Edelman Trust Barometer, which for more than 20 years has polled the attitudes of thousands of people, found that economic pessimism is now at its highest level in some of the world's leading economies, including the U.S., England, Germany, and Japan.
The survey also found growing distrust of institutions among low-income people. Higher-income households still trust institutions such as government, business, and media. But distrust is growing among low-income groups.
Globally, only 40% of people polled agreed with the statement “my family and I will be better off in five years" compared to 50% a year ago.
Only China bucked the pessimism with a one percentage point increase to 65% despite the economic disruption caused by its zero COVID-19 policies.
While the survey found an average 63% trust level in key institutions among high-income respondents, that figure fell to just 40% among low-income people.
The loss of trust in government has been a key theme of the survey for several years now, with its trust level this year sharply lower than in previous years.
The survey polled 32,000 people in 28 countries between November 1 and 28 of last year.