Canadians Rank Banks as Most Trusted Subsector
within Financial Services

After years of skepticism and distrust in wake of the 2008 financial crisis, the Canadian banking industry has clawed its way back to earn the trust of customers and employees.

That is one of the main conclusions from the 2024 Edelman Trust Barometer Supplemental Report: Insights for Financial Services in Canada that examines what people in the country think about the companies they rely on, work for, and entrust with their money. The new report is a supplement to the 2024 Edelman Trust Barometer that surveyed more than 32,000 people in 28 countries.

The findings provide financial services companies with a valuable lens into the perceptions of the broad population. Although there are certainly bright spots, they also indicate that the industry in Canada can do more to communicate its value as a trusted advisor.

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Business has become the most trusted institution in Canada

Business has become the most trusted institution in Canada, while government has fallen into the distrust category.

Canadian trust in financial services
is rising

Trust in financial services in Canada has risen by 5 points over the past year, reflecting a consistent, gradual increase observed in this sector over the last decade.

Banks lead the way in trust

Canadian banks maintain a leading position in trust within the financial services sector, showing an increase of 4 points in trust ratings compared to the previous year.

The divide in trust in financial services in Canada widens between income demographics

There is a widening divide in trust in financial services in Canada between income demographics. High-income individuals show 13-points more trust in financial services than low-income individuals.

Employees of financial services trust their employer more than most other sectors

Although financial services is trusted less than many other sectors in Canada, employees of financial services companies are the second most trusting of their employer across industry sectors.

Edelman Trust Barometer 2024

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Showcase the data

Canada’s financial services companies sit on enormous stockpiles of data that can be used to provide real-time knowledge about the economy, sustainability, and personal wealth. Use that data to back up your unique point of view. Such data are often confined to individual silos within an organization, inhibiting their value.

Provide trustworthy content

Owned content and social content currently sit in the distrusted category for respondents in Canada. With financial services nearing the trusted category in Canada, this is an opportunity for companies to advance their content strategies.

Look to employee base

The survey consistently finds that employees of financial services companies are among the most trusting of their employers globally. Consider using them as brand ambassadors. Fresh buzz about the company from the people who work there can also help attract the best talent.

Lead the way to change

As the most trusted institution in Canada, business has the power and responsibility to lead. That means leaders can take a stand on issues that are important to their company and workforce. By partnering with institutions that currently aren’t trusted – such as government – CEOs can drive change.

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Canadians Rank Banks as Most Trusted Subsector within Financial Services