A little over 30 per cent of Tanzanians think their children will be financially better off than they are according to research conducted by the Pew Research Center last month.
The research enquired whether or not people felt that when today’s children grow up, they will be better off financially than their parents. The Pew Research Center surveyed a total of 40 countries, and among them 45 435 individual respondents.
Tanzania rated 33 per cent compared to the average of 54 per cent for nine developing countries, suggesting that on a longer-term basis “most people don’t see the country significantly reducing the unemployment rate or being able to substantially improve household incomes and narrow the wealth and income divide,” said Kevin Lings, chief economist of Stanlib in a note.
The survey generally found that people in emerging economies are far more optimistic about the economic prospects for their children compared with people living in developed markets; with the exception of South Africa, which has slightly more than half of the country seeing the children of today being worse off in the future.
Lings postulated that the reason for these varying views is that ”higher economic growth is associated with more confidence about the future, although there is not always a good relationship between recent economic performance and optimism”.
According to the World Bank, Tanzania has over 50 million people in total and almost 30 per cent of the population lives in poverty making it one of the poorest countries in the world. Perhaps that explains the pessimism towards the future prospects of the nation’s children.
What is interesting to note is that the youth in Tanzania are more optimistic about their future prosperity than their parents are, despite more than half of the sample seeing the current economy situation as “bad”.
Nigeria, the largest economy in Africa, held the most optimism on the continent with 84 per cent of adults believing their children would be better off than they were, as well as an 18 per cent improvement in the economic attitude.