Business institutions in the country seem to have boosted their credence among the public as a recent survey showed that people’s trust in the business sector is stronger than their trust in the media, NGOs or the government.
A survey conducted last year by Edelman found that 82 percent of respondents trusted business institutions, which was higher than trust in the media (78 percent), NGOs (73 percent) and the government (53 percent).
As many as 200 respondents in Indonesia aged between 25 and 64 participated in the survey. They were mostly college-educated.
The 2014 Edelman Trust Barometer survey also found that Indonesia was among the top three countries with the highest level of trust for the financial services industry, at 74 percent, followed by China (76 percent) and India (70 percent).
“A global financial meltdown occurred, but not here [in Indonesia]. That’s why the Indonesian public trusts the financial services industry, especially banks,” Edelman Indonesia chief executive officer Stephen Lock said on Wednesday.
Lock added that public trust toward credit card and insurance companies is significantly lower than trust toward banks, apparently due to Bank Indonesia’s (BI) strict regulations on credit cards and concerns over whether or not insurance companies will pay their claims.
Aside from the financial services industry, trust toward publicly listed businesses and big businesses in Indonesia is high at 91 percent and 90 percent, respectively.
Meanwhile, state-owned businesses received the lowest level of public trust at 68 percent.
The survey found that the general public considers business leaders to be better decision makers and problem solvers than government leaders.
According to the public, business leaders have the ability to “correct issues within industries that are experiencing problems”, make more “ethical and moral decisions” and “tell you the truth more than government leaders”.
This explains why trust in business institutions is much higher than trust in the government in Indonesia.
In addition, 45 percent of respondents stated that the government should prioritize building infrastructure when asked about the most important role for government in business.