American pessimism is hitting new heights. Not only are people worried about their children’s future, but they are also stressed about their immediate financial situation.
American pessimism about their long-term future has reached new and historic heights. According to a new WSJ/NORC survey, 78% of adults don't feel confident that their children's lives will be better than their own. That's a rise of +11 percentage points since 2019 and marks the highest reading ever recorded since this question was first asked in 1990.
Moreover, 30% admit they are "not too happy" in their lives. That's a rise of +6 percentage points since 2021 and marks yet another record high. To be sure, Americans are generally a lot happier with their own personal and family lives than they are about the prospects for their nation. But the recent pandemic has been harrowing at all levels.
The survey also found that a plurality of Americans (44%) say their finances are worse than they expected at the current stage in their lives. When asked about which costs worry them most, 41% cited health care, 43% housing, and 65% inflation.
Over the last few years, we have written several NewsWires on Americans’ growing pessimism. (See "Global Outlook on Children's Financial Future Worsens" and "American Patriotism Dips to a New Low.”) This is undoubtedly a response to the numerous negative trends bombarding the country: mounting overdoses, declining life expectancy, falling real earnings, ebbing trust in democracy, rumors of war, and a growing share of younger adults unable to afford to buy a home and of older adults unable to retire.
In today's economy, finding a job is not a big problem. But finding a job that offers you a path to a better world than your parents had--or a better world for your child than you had--well, that does seem to be a big problem.
American pessimism about their long-term future has reached new and historic heights. According to a new WSJ/NORC survey, 78% of adults don't feel confident that their children's lives will be better than their own. That's a rise of +11 percentage points since 2019 and marks the highest reading ever recorded since this question was first asked in 1990.
Moreover, 30% admit they are "not too happy" in their lives. That's a rise of +6 percentage points since 2021 and marks yet another record high. To be sure, Americans are generally a lot happier with their own personal and family lives than they are about the prospects for their nation. But the recent pandemic has been harrowing at all levels.
The survey also found that a plurality of Americans (44%) say their finances are worse than they expected at the current stage in their lives. When asked about which costs worry them most, 41% cited health care, 43% housing, and 65% inflation.
Over the last few years, we have written several NewsWires on Americans’ growing pessimism. (See "Global Outlook on Children's Financial Future Worsens" and "American Patriotism Dips to a New Low.”) This is undoubtedly a response to the numerous negative trends bombarding the country: mounting overdoses, declining life expectancy, falling real earnings, ebbing trust in democracy, rumors of war, and a growing share of younger adults unable to afford to buy a home and of older adults unable to retire.
In today's economy, finding a job is not a big problem. But finding a job that offers you a path to a better world than your parents had--or a better world for your child than you had--well, that does seem to be a big problem.