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More and more people see the future as increasingly uncertain for themselves and their families compared with their parents' generation and are under financial pressure, according to a HSBC report.
"Scientific and technological changes are improving our quality of life, but they are also contributing to an aging population and the feeling that employment and social provision like pensions are less secure than ever," HSBC Group Head of Wealth Management, Charlie Nunn said.
Over 12,000 people were surveyed in 12 countries and territories, including Argentina, China, France, Hong Kong, Indonesia, Malaysia, Mexico, Singapore, Taiwan, United Arab Emirates, United Kingdom, and United States.
The research was conducted by TNS in October and November 2015, online in 11 countries and face-to-face interviews in the UAE asking respondents to compare their lives to those of the previous generation and the next generation.
"Overall, we feel better off than the generation that went before and that we have greater choice and opportunities for fulfillment in our lives.
But we also feel less stable and less secure, and see these trends continuing for the next generation," Nunn added.
About 48 per cent respondents saw the future as increasingly uncertain for themselves and their families compared with their parents' generation.
The report said that about 51 per cent feel they have to take more financial risks from the generation before, while 28 per cent respondents disagree with it.
About 49 per cent of the current generation feel they are under more financial pressure compared to 33 per cent, it said.
While 46 per cent said they are better off financially than their parents, 34 per cent thought they were not, the report found.
The report also found that 43 per cent believe they have a better quality of life than their parents while 38 per cent chose to disagree.
About 60 per cent of the respondents felt they have more choices in life compared to their parents while 27 per cent disagreed, the report said.
