#EconomicResilience #FinancialSecurity #WorldRiskPoll #IncomeStability #GenerationalDifferences #NationalEconomicDifferences #GlobalRisks #FinancialResilience
In an increasingly unpredictable economic climate, the question of financial resilience across different generations takes on new urgency. A significant finding has emerged, revealing that nearly half of the global population under the age of 34 would struggle to meet their basic needs for even a month without a source of income. This insight comes from a recent collaboration between Visual Capitalist and Lloyd’s Register Foundation, which delves deeply into the concept of economic resilience, analyzed through the lens of the World Risk Poll 2024 report.
The report, a partnership between Lloyd’s Register Foundation and Gallup, gathers data from 147,000 people across 142 countries, looking into how individuals perceive and manage everyday risks. Specifically, it focuses on the duration individuals believe they can sustain their basic needs—such as food, transportation, and shelter—in the absence of any income. A pattern emerges from the data, showing a stark divide in economic resilience: individuals typically fall into one of two categories—those who can endure a month or less without income, and those fortunate enough to weather more than four months of financial drought. A scant number find themselves in the middle, capable of navigating two to three months without earnings.
The geographical location of respondents plays a crucial role in their economic stability, painting a clear picture of disparities not just among generations but also across different nations. While a small minority in developed economies can cover their needs for a week or less, a significant portion of those in developing nations reported the ability to stretch their resources for a month or more. These findings not only shed light on the vulnerability of certain demographics and locales but also spotlight broader global risks highlighted in the World Risk Poll, including issues like plastic pollution, workplace safety, and climate change threats. The report underscores a pressing need to enhance global economic resilience, especially among young adults and those in less developed regions, aiming for a safer and more economically secure world.
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