The majority of parents in the United States believe their children will be worse off financially in the future.
One of the long-term economic consequences of the pandemic is a dismal prognosis.
According to a Pew Research Center research released on Wednesday, nearly 70% of American parents feel their children will be financially disadvantaged.
The global survey polled 18,850 adults in 17 advanced economies around the world. The United States tied for sixth place in pessimism about children’s financial futures with Canada, below Japan, France, Italy, Spain, and Belgium.
Children’s classes have transitioned from brick-and-mortar classrooms to the virtual world over the last 16 months. As a result, students experienced a variety of issues, including increased rates of sadness and anxiety, as well as a loss of learning opportunities.
According to CNBC, these difficulties were exacerbated by an economic downturn brought on by pandemic lockdowns and limitations.
Despite the fact that the economy is improving, the unemployment rate remains exceptionally high, with 9.3 million Americans out of work.
In February, Federal Reserve Chair Jerome Powell told the Economic Club of New York, “Despite the remarkable speed with which the economy recovered early on, we are still very far from a strong labor market whose benefits are broadly shared.”
According to the Pew Research Center, 71% of Americans think the present national economic condition is unfavorable.