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Overview
Six out of ten (62%) South Africans trust the business sector to do the right thing, according to the Edelman Trust Barometer 2024. PwC’s Voice of the Consumer Survey 2024 asked South Africans what factors most influence their trust in companies, with the results showing that protection of customer data was the top feature. A combined 92% of consumers indicated that this is very or extremely important to them.
South Africa’s overall trust levels are, however, only a third as strong as the top performing countries globally, according to the World Values Survey (WVS). Increased interpersonal trust can have an outsized positive impact on South Africa’s economic productivity. According to our estimates, South Africa’s productivity could increase by up to 27.1% if societal trust increases to a level similar to that seen in countries with the highest levels of trust.
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In this edition:
Trust is the foundation of our future socio-economic development
Businesses need to build social capital with stakeholders by communicating their impact on society
Fixing the trust deficit is a far greater challenge now than it was just a few decades ago, given the growth—both locally and abroad—of economic disparity. Businesses need to invest in the creation of trust by walking the talk on environmental, social and governance (ESG), as well as diversity, equity and inclusion (DEI) issues. To do so, companies need to measure and communicate these factors.
Quantifying impacts of economic, environmental and broader societal matters lends credibility and reinforces an organisation's value proposition to its diverse stakeholder base. A pivotal benefit is the ability to enhance engagement with key stakeholders through transparent communication of positive impacts. By showcasing tangible positive contributions; organisations can cultivate trust, credibility and goodwill among investors, employees, communities and the broader public.
Key content in this report includes:
- Trust and prosperity: Social capital as an integral part of commerce and economic development.
- Status quo: Six out of ten South Africans trust the business sector to do the right thing.
- Trustworthiness at an industry level: Protection of customer data is a top confidence builder with clients.
- Productivity simulation: The economic potential that increased social capital can unlock.
- Practical steps: Impact assessments help companies boost transparency and build trust with stakeholders.
- How we can help: A range of applications that PwC clients can use impact assessments for.
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Contact us
PwC Africa ESG Platform Leader, Strategy& and Chief Economist, Strategy& South Africa
Tel: +27 (0) 82 708 2330
