Indian youth say they have it better than their parents when it comes to a secure job, access to good education, earning enough money to live well and having a successful career, according to a survey by the World Economic Forum (WEF) & IPSOS. However, India is an exception.
According to the survey, young people all over the world – especially in countries like US, Great Britain and Germany – feel that their parents' generation had better economic opportunities and led safer lives from crime and harm.
Apart from India, China, Saudi Arabia, Peru, Phillippines and Malaysia also bucked the trend, with urban youth surveyed in these countries saying they think they are more stable and successful than their parents.
The survey was conducted in urban-centric clusters among 22,285 adults, across India, US, Canada, Malayasia, Brazil, China, France, Germany, Great Britain, Italy and other countries, between 22 November and 31 December 2019.
But why do Indian youth think they’re better placed? An opportunity-laden market and the tendency of Indian parents to provide children with financial support could have something to do with it. Commenting on the survey results, Amit Adarkar, India CEO and APAC Operations Director, IPSOS says, “India is a growing market, so is laden with opportunities for youngsters. The survey is urban-centric; and it is commonplace for parents to bend backwards to cater to every whim and fancy of their children. Whether to provide them the best of education or to prepare them for the future, hand holding, until they secure a firm hold.”
Looking at India’s economic history, another reason becomes apparent for Indian youth considering themselves doing better than their parents — the 1991 liberalisation. The opening up of the economy in 1991 created massive jobs for the educated in India. Foreign direct investment in India also led to the strengthening of the private sector in India — further paving the way for Indian entrepreneurship in the private sector. Interestingly, Economic Survey 2019-20 also highlighted how the 1991 reforms led to wealth creation. Consequently, the post-1991 generation of Indians feel they have more lucrative opportunities than their parents’ generation.
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