People Around the World Are Pessimistic About the Next Generation’s Financial Future
A new survey from the Pew Research Center shows a median of 70% of adults across 19 countries say their nation’s children will be worse off financially than their parents.
The survey was conducted this spring, after Russia invaded Ukraine and amid rising inflation globally.
The survey found at least three-quarters of adults in Japan (82%), France (78%), Italy (76%), and Canada (75%) say children in their country will be worse off financially than their parents.
As do strong majorities in Spain (72%), the U.K. (72%), Australia (72%), the U.S. (72%), Belgium (71%), Greece (70%), the Netherlands (66%), and South Korea (60%).
Singapore (56%) was the only country surveyed where a majority of adults say children will be better off financially.
For several countries, the percentage of people who say children will be worse off than their parents has increased significantly since the last time Pew took the measure, including Poland (+19 percentage points since 2019), Australia (+14 since 2021), the Netherlands (+12 since 2021), and Hungary (+11 since 2019).
Only Israel (-4 since 2019) experienced a decrease among those saying children will be worse off financially.
Why it matters:
In 11 of the countries surveyed, Pew found a record high percentage of adults say children will be worse off financially, including in Japan (82%), Italy (76%), Canada (75%), and the U.S. (72%).