For a few months, I have been noodling around the concept of why (or why not) we believe or trust another person and why it has become increasingly difficult to do so. I have landed on a concept that may eventually go mainstream.

I firmly believe we are currently in the midst of a ‘Trust Recession.’ This term, which I recently encountered in a PR context, resonated with me. It’s not just a passing phase, but a significant societal shift that, once understood, becomes impossible to ignore.

What Exactly Is a Trust Recession?

Think of trust like the economy. Sometimes it’s booming – everyone’s feeling good, buying stuff, believing what they hear. At other times, it takes a nosedive, and suddenly everyone is suspicious of everything. Sound familiar? That’s where we are right now.

A Trust Recession means people have become highly skeptical of businesses, news outlets, politicians, and nearly anyone trying to influence them. It’s like we’ve all developed built-in lie detectors that are constantly beeping. And honestly? Can you blame us? Just think about the last time you read a news article and immediately questioned its credibility, or when you hesitated to believe a company’s marketing claims. These are all signs of the Trust Recession in action.

How We Got Here

Remember when getting “catfished” online was just something that happened to people on reality TV? Now it feels like half the world is trying to trick us into something. Here’s what happens.

The Scam-pocalypse: Every day brings new stories about people getting ripped off by fake investment schemes, bogus health products, or companies that promise the moon and deliver a pebble. When everyone’s got a story about getting burned, trust becomes as rare as a unicorn.

Information Overload: We’re all in the same boat. Your aunt shares a ‘breaking news’ story on Facebook, your favourite influencer swears by a miracle supplement, and three different news channels tell three different versions of the same story. No wonder our brains are scrambled!

The Transparency Problem: Too many governments and companies act like they’re hiding something, because they usually are. When governments and businesses keep their cards close to their chest, people start imagining the worst. For instance, when a company is not transparent about its product ingredients or a government is secretive about its decision-making process, trust is eroded. This lack of transparency is a significant contributor to the Trust Recession.

Bad Experiences Stick: Remember that one restaurant that gave you food poisoning? You probably still avoid it, right? Our brains are wired to remember the bad stuff, and when businesses, governments and even humans mess up, those memories last forever.

What Does This Mean for All of Us?

Consider this: when trust is eroded, even the simplest tasks become arduous. Imagine trying to make friends when you’re constantly questioning everyone’s motives. This is the reality we’re facing. Let’s explore (just) TWO common scenarios to fully understand the impact.

Shopping Gets Weird: People spend forever researching before buying anything. They read every review, compare prices on seventeen different websites, and still feel nervous clicking “purchase.” Sales cycles that used to take days now take weeks.

Relationships Become Rocky: Have you noticed the level of side-eye we give and get? We take pretty much everything with a grain of salt. So, building customer loyalty feels like trying to train a suspicious cat – possible, but it takes a lot of patience and treats. Developing genuine human-to-human relationships, whether for dating, friendship, companionship, or even marriage, requires a significant amount of effort and commitment.

These are (just) two examples of the many instances where the ‘Trust Recession’ rears its head in our daily lives. You and I can both recount numerous other situations where trust has become a rare commodity.

The Road Back to Trust

While most humans AND businesses are struggling with this trust thing, the ones that figure it out first get a huge advantage. It’s like being the only honest kid in a class full of cheaters – you stand out big time.

So, how do we fix this mess? It’s not gonna happen overnight. And you already know I believe it starts FIRST with us. Here are some ideas to stack the deck in your favour:

Become a Glass House: Transparency isn’t just nice to have anymore – it’s a necessity for survival. Show people how your sausage is made (metaphorically speaking, unless you actually do make sausages). Share your process, admit your mistakes, and let people peek behind the curtain.

Be Real, Not Perfect: People can smell fake from a mile away. Instead of pretending you’re perfect, be genuinely human. Made a mistake? Own it. Don’t know something? Admit it. Authenticity is the new black.

Give Before You Get: Instead of leading with ‘Aren’t I great/Buy my stuff,’ try “Here’s something helpful I’ve used. It’s yours at no charge.” When you consistently provide value without expecting anything in return, people start to believe you genuinely care about them.

Get Others to Vouch for You: Sometimes the best way to prove you’re trustworthy is to let other people say it for you. Customer testimonials, press coverage, and word-of-mouth recommendations carry way more weight than anything you could say about yourself.

Listen Like Your Life Depends on It: When friends, colleagues, customers, and yes, even family members complain or give feedback, pay attention. Don’t just fix the problem – show them you’re fixing it. People want to know that their voices matter.

The Bottom Line

Trust might be in recession right now, but recessions don’t last forever. If we, as businesses, leaders, and humans, focus on rebuilding trust today, we can look forward to a time when trust is restored and a small part of the ‘good old days’ is regained.

Consider the people and brands you trust the most. What do they have in common? They probably keep their promises, treat you with respect, and make you feel heard. They might also have a massive dollop of genuine kindness, decency and compassion too. They don’t try to trick you or hide important information. They share the good, the bad AND the ugly.

I do see a huge opportunity in this Trust Recession for all of us. While everyone else is wondering why nobody believes them anymore, you can be the one people actually want to listen to. The secret is this. In a world full of noise, authenticity isn’t just refreshing, it’s downright revolutionary.