"Children Will Be Poorer Than Their Parents"... South Korea Also Above Global Average [News Terms]

Widespread Global Economic Pessimism

Concerns about the future economic situation are spreading widely across countries around the world. More than half of respondents worldwide expressed a pessimistic outlook on the financial situation of the next generation compared to the current one. This view was particularly prominent in high-income countries, with South Korea showing a higher percentage of negative responses to this question than the global average.

According to a survey conducted by the Pew Research Center on citizens of 36 countries last spring, 57% of respondents answered that "the next generation will be economically worse off (poorer) than the parent generation."

Yonhap News

Pessimism about the future economic situation was more pronounced in developed countries. The country with the highest percentage of respondents who believed their children would be poorer than their parents was France (81%), followed by the United Kingdom and Italy at 79% each. Most G7 member countries, including Canada (78%), Japan (77%), and the United States (74%), also had respondents who expected a pessimistic economic future. In South Korea, 66% of respondents said the next generation would be poorer than the parent generation, which was higher than the global average.

On the other hand, 75% of respondents in India expected that "the next generation will be economically better off (wealthier) than the parent generation." Only 19% responded negatively, believing the next generation would be poorer than their parents. Bangladesh (73%), Indonesia (71%), and the Philippines (70%) also showed predominantly optimistic expectations about the future economic situation.

The Pew Research Center, which conducted the survey, analyzed that "economic pessimism has increased compared to before the COVID-19 pandemic," noting that "in 15 out of 31 countries where trends could be confirmed, the percentage of respondents who said 'the next generation will be financially worse off than the parent generation' increased compared to pre-pandemic surveys."

Additionally, more than 8 out of 10 respondents from the 36 countries surveyed said that the 'wealth gap' in their country is a significant problem.

The percentage of respondents who said the wealth gap in their country is a 'very big problem (54%)' or 'somewhat big problem (30%)' reached 84%.

Respondents from European Union (EU) member countries such as Germany (92%), Turkey (92%), and Greece (91%), as well as developing countries like Argentina (91%), also identified the wealth gap as a major issue. South Korea was at a similar level with 82%, alongside Australia (82%), the United States (83%), and Japan (80%). Among South Korean respondents, 47% said the wealth gap is a 'very big problem,' and 35% said it is a 'somewhat big problem.'