KUALA LUMPUR, Jan 6 — Malaysians’ level of trust in companies and institutions remained firm in 2022 even as new concerns emerged to replace the pandemic, according to market research company Ipsos.
Based on its Trust Index, the level of trust last year stood at the same level as in 2021, following a gradual increase over the pandemic years.
"As in the year before, trust in government-linked companies (GLCs) and regulators was particularly strong, with the Employees Provident Fund (EPF) and Petronas being the two most trusted entities in Malaysia,” Ipsos public affairs associate director Lars Erik Lie said in a report.
The rest of the top five most trusted entities comprised new entries namely Nestle, Projek Lebuhraya Utara-Selatan Bhd (PLUS) and Petron.
"With the country reopened, the return of travel would have increased the engagement between consumers and brands such as PLUS and Petron, both of which entered the top five of the most trusted companies,” Lie said.
Companies in the media and fast-moving consumer goods (FMCG) sectors made significant trust gains in 2022. Meanwhile, telecommunication and financial services companies were at the lower end of the spectrum.
Lie said that in a year when the 15th general election was dominating the media picture, the media sector earned public approval, as no other sector saw a bigger trust gain than the media in 2022.
He also noted that despite an increase in the cost of consumer goods, FMCG companies have seen a substantial boost in trust over the past year, indicating an understanding from the public that underlying macro forces are driving the price increases.
While the financial services sector made a minor gain last year compared to 2021, trust in that sector remained more modest, he said, adding that it was "certainly not helped by rising interest rates as a recurring theme in the new cycle."
The Ipsos survey involved 6,000 face-to-face interviews conducted nationwide in the second half of 2022. — Bernama
