Tarnishing Economy Disappoints Indians

Personal Finances Getting Better, Next Gen May Suffer

Two -third of those respondents in India that believe the national economy is not healthy said their personal finances are doing well, increasing their levels of personal contentment, a higher percentage than 14 of the 20 countries surveyed. Though they are worried about the national economy, they are almost satisfied with their own financial health, because Indians continue to show strong savings and investment rates. But this self assessment is lower than that in Brazil in 11 points and that in Germany in 10 points. The difference in perception of personal finances versus national economic well-being in India was notably lower than that in nine other countries.

Many of the Indian respondents are also worried about their children’s economic prospects, since the hopes that Indian economy would grow surpassing China in few years have faded away. India’s recent growth suggests that past expectations on the economy were unrealistic.

According to the survey 66 percent of the Indians surveyed think it will be difficult for the young people in India to get a better job or to become wealthier than their parents. By that measure, Indians are more optimistic as among the 21 countries that were surveyed by Pew Research Centre, 81 percent forecast that the next generation would have tough days. Anyhow, two-thirds say they have a better standard of living than their parents had at a comparable age.