Most people believe their countries are doing too little to provide opportunities for all their residents. (Photo: Shutterstock)
Work hard and you'll rise from poverty to comfort—that was the message of the once-popular Horatio Alger stories, which told of young men rising from poor backgrounds through hard work, honesty, courage and sheer grit to win secure places in the American middle class.
But according to a new global poll commissioned by the World Economic Forum, more than two thirds of Americans—as well as people from other developed countries—just aren't buying into the notion that hard work nets advancement.
The Huffington Post reports that just 10 percent of U.S. respondents said that it was extremely common for hard work to “be a sure path from poverty to riches.”
Instead, according to the poll, developing nations are now the biggest believers in upward mobility, with the South Asia region leading the pack with 34 percent saying that it's “extremely common” for “someone to start poor, work hard, and become rich.”
That was followed by the Middle East and North Africa region at 20 percent.
In fact, most people outside those two regions believe their countries are doing too little to provide opportunities for all their residents—with majorities in 22 out of 29 surveyed countries saying their governments do too little.
The WEF's flagship annual global risks report also points out the drag on individuals in developed countries from automation, a lack of wage growth and the expansion of the gig economy.
People under too much pressure financially are having to go to extraordinary lengths to keep their heads above water (multiple jobs, long commutes, etc.), and inequality is ramping up that pressure—as is debt.
In fact, says the report, “[t]he total global debt burden is now significantly higher than it was before the global financial crisis, at around 225 percent of GDP.”
According to the WEF, one thing that should be done to address the situation is to change the focus of workers and businesses alike from “profit and growth at any cost” to well-being.
In addition, the gradual transformation of the original American dream from “equality, justice and democracy for the nation” into a vision of material success needs to be undone, according to Sarah Churchwell, a professor of American literature and public understanding of the humanities at the University of London.
Instead, by stripping away the consumerist aspect of the current version, a return to the original principles of the country could result in a better and fairer society.
READ MORE:
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
