A new survey by Pew Research Center in Washington D.C. has revealed that most Kenyans are not hopeful about what lies ahead for the next generation in terms of economic progress despite a dramatic improvement in the public’s view of national economic conditions.
According to the research that was conducted among 30,133 respondents in 27 countries from May 14 to August 12, 2018, Kenya’s mood on the economy improved 34 points since the end of the Great Recession (a period of general economic decline observed in world markets during the late 2000s and early 2010s.)
The economic mood has improved 40 points in Poland, 35 points in the United Kingdom and 34 points in Japan, the report says.
In 2018, nearly eight-in-ten Germans (78 percent) say economic conditions in their country are good, up 50 percentage points from 2009. Nearly two-thirds of Americans (65 percent) are similarly upbeat about their economy, with their assessment up 48 points.
However, the positive public feelings about the current economy have not erased concern about the future.
In 18 of the 27 nations surveyed, half or more of the public believes that when children today in their country grow up they will be worse off financially than their parents. Such worries were largely confined to advanced economies, but now people in emerging markets such as Kenya have increasingly expressed concerns about the financial well-being of the next generation.
In Kenya, the share of the public expecting children’s future financial situation to be worse than that of their parents has risen to 28 points. The fairly sharp increase has also been recorded in other emerging economies such as Brazil where it has risen 35 points and Tunisia where it has increased to 25 points since 2013.
In advanced economies surveyed, a median of just 34 percent believe that the future generation in their countries will be better off financially than their parents. Among the emerging markets polled, slightly more (42 percent) anticipate a brighter economic future for today’s children.
Among advanced economies, only in Poland does a majority rate both the current economy (69 percent) and the economic future of today’s children (59 percent) positively. But even there, optimism declines from present to future.
Pessimism about the future is especially striking in some countries where current conditions are rated positively, as doubts remain about the next generation’s financial well-being.