Many think that children will do worse financially of parents, results of the survey survey

LWA / Dann Tardif | Stone | .

The coronavirus pandemic has made parents pessimistic about them children’S future, according to a Pew Research survey.

More than two thirds (68%) of US respondents said they think today children Sara financially worse off from adults who give them parents, up from 60% in 2019. Only 32% think children will be better off.

The global survey was conducted between February 1 and May 26 among 18,850 adults in 17 advanced economies. The United States ranked No. 6 in pessimism towards children’S financial futures, tied with Canada and behind Japan, France, Italy, Spain and Belgium.

When it comes to current economic situation, 71% of Americans think it is bad, compared to 29% who believe me good.

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Children of the pandemic faced a double setback of virtual learning and an economic downturn. When schools shut down, classrooms moved online. As a result have suffered a significant loss of learning, which results in a reduction in lifetime earnings, studies have shown.

The economic repercussions of the crisis also hit families in all over the country, leaving millions of unemployed Americans. Although the recession only lasted two months, from February 2020 to April 2020, according to the National Office of Economic research, the recovery it was erratic.

Employment rates for high-wage workers are recovering while employment rates for low-wage workers are not, said David Grusky, a sociologist professor at Stanford University.

“Even if the pandemic safety net faced some of the resulting inequality, these divergent employment trends make it clear that there are still two Americas, benoff America which is thriving ea struggling America that is ready to struggle yet more”Grusky said, director of the Stanford Center on Poverty and inequality.

“This is very concerning warning sign for the future. “

To be sure, even before the pandemic, children they were falling behind their parents’generation financially.

Over the past several decades, there has been a rapid deterioration of the “American dream”, which has long been understood as a commitment that every generation should do better than one that preceded him, Grusky said.

Several studies back that up. For example, a report from the non-partisan think tank New America found millennials earn 20% in less than baby boomers did at the same stage in life.

“Young adults in America today is on a much lower trajectory in their accumulation of wealth compared to their predecessors, “the paper stated.” Dramatically so. “

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