Most Americans Think Today’s Children Will Be Poorer Than Their Parents
- The economy could finally rebound after the pandemic, but not for everyone.
- A new survey from the Pew Research Center found that respondents believe children will be worse off than their parents.
- Young workers have already been affected by at least one recession and one pandemic.
The economy may be recovering and people are getting a little more optimistic, but many still believe that the economic wounds will have a lasting impact.
A new survey from the Pew Research Center found that in 17 audiences, including the United States, a majority of respondents believe children will be worse off financially than their parents. Among all those surveyed, a median of 64% were pessimistic about the financial future of children.
That number was higher for American respondents, with 68% saying they think children will be worse off financially. However, respondents in France and Japan were even more concerned, with 77% of respondents in both countries saying they think children will be worse off financially.
Another generational wealth gap
As Insider’s Hillary Hoffower previously noted, there is already a wealth gap between baby boomers and millennials. The older generation has benefited from everything from low interest rates to investments in companies that boost pollution – a problem that will exacerbate the climate crisis and its strain on the younger generation.
It is above the Grand
already leaving millennials behind when it comes to wealth accumulation; as Insider’s Hillary Hoffower reported, the
The Bank of St. Louis found that millennials were earning 34% less than they would have been if there had been no recession.
Plus, last year brought another recession. This time the young workers were once again clubbed. According to a report by the International Labor Organization, workers aged 15 to 24 suffered job losses of 8.7%; among adults, the job loss was 3.7% roughly. This report warned that Generation Z, which dealt with education interrupted by the pandemic and a recession when entering the workforce, risked becoming a “lost generation.”
As Insider’s Hillary Hoffower reported, Gen Z was the most unemployed generation following the economic devastation of the pandemic. However, some hope may be on the horizon: Gen Z will still take control of the economy within a decade, Hoffower reported, despite the pandemic potentially causing them to lose $ 10 trillion in revenue.
Overall, a median of 52% of those polled in the Pew survey – and 71% in the United States – still think the current economic situation is bad. In New Zealand and Australia, respondents were more optimistic, with over 70% of respondents in both respondents that the economic situation is good.