Our kids will be worse off financially than us, according to survey of adults in 17 major economies


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New Delhi: A clear majority of adults in 17 advanced economies believe their children will be worse off financially as adults than themselves, a new survey has shown, which seems to indicate the psychological impact of the Covid pandemic. 19 even as the overall picture of economies improves.

According to a survey by the US-based non-partisan fact tank, the Pew Research Center, 68% of adult respondents in economies like the US and UK are pessimistic about their children’s future .

France (77%), Italy (72%), Spain (71%), Japan (77%) and the United States (68%) are among the least optimistic countries. However, 61 percent in Singapore and 50 percent in Sweden have an optimistic view.

The survey was conducted between February 1 and May 26 in 17 countries – Australia, United Kingdom, Sweden, Belgium, South Korea, Japan, France, Netherlands, Germany, Canada, United States, Greece, Italy, Spain, Singapore, New Zealand and Taiwan.

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Link with the Covid

the report noted that people who say the Covid crisis has been “mismanaged by their government and those who say the economy is not recovering in a way that shows weaknesses in their economy are more likely to say that the the current economic situation is bad and that the children will be worse off financially than their parents ”.

Pessimism has increased dramatically in some post-Covid countries, including Italy, the United States, Germany, South Korea and Greece.

While Americans and South Koreans are more pessimistic now than since 2013, the UK, Sweden, Australia and the Netherlands have shown a different trend, with respondents becoming more optimistic about the future of their children in 2021 than they were in 2019.

The global economic vision is improved

The survey also explored what people think about the national economic situation in the midst of a pandemic. Opinions varied considerably among the 17 economies, with 52% saying the situation was bad and 48% that it was good.

Sweden (86%), Australia (74%) and New Zealand (73%) are the most promising countries while Spain (87%), Italy (87%) and Japan ( 80%) are the least.

Respondents from Belgium, the United Kingdom and Canada are divided on this point, with a slightly higher percentage believing that the national economic situation is bad.

“Among many audiences, opinions on the national economy are more positive this year than last year. Positive reviews of the economy have increased the most in Australia, where 74% now say the economy is good, down from just 36% in 2020. Positive views have also increased in Sweden and the Netherlands, but even in 2020, majorities in these two countries have always said the economy is good, ”the report mentionned.

Despite several lockdown measures to stop the spread of the coronavirus, views on the economy in Sweden and Australia have never been better before, since investigations began in 2007 and 2008 respectively.

Between 2020 and 2021, with the exception of the United States (down 1%) and Spain (down 2%), all countries showed more hope for economic recovery than the last year.

Opinions about a country’s economic situation were also found to be directly proportional to how respondents thought the pandemic had been handled.

This is especially the case in Germany and Canada, where those who say the epidemic has been managed well in their country are 38 percentage points more likely to say the economy is good compared to those who say the epidemic has been managed well in their country. ‘epidemic has been mismanaged,’ the report says. .

(Edited by Amit Upadhyaya)

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