A new report by the World Risk Poll 2024, in collaboration with Lloyd’s Register Foundation, reveals startling insights into global economic resilience. Surveying 147,000 people across 142 countries, the poll asked how long individuals could manage basic needs like food and shelter without any income. The findings highlight a stark divide: nearly half of respondents under 34 worldwide can’t cover their expenses for even a month if they lose their income. The report also emphasizes significant disparities between developed and developing nations, where economic stability drastically affects people’s ability to weather financial storms. This eye-opening study not only sheds light on global financial vulnerabilities but also underscores broader risks facing humanity today.
With nearly half of the world’s under-34 population unable to meet their basic needs for a month or less without income, it’s no surprise that financial resilience is a hot topic.
So, for this graphic, Visual Capitalist collaborated with the Lloyd’s Register Foundation to go deeper into economic resilience and establish how long the average person can fund their requirements without income.
World Risk Poll 2024 Report: Economic Resilience
Every two years, the Lloyd’s Register Foundation collaborates with Gallup to conduct the World Risk Poll, and the World Risk Poll 2024 report delves into the daily hazards faced by 147,000 people from 142 countries.
They asked respondents how long they could afford to meet basic needs including food, transportation, and shelter if they lost their entire income.
Here is what they found:
The findings show a clear trend across all age groups, with respondents divided into two groups: those with one month or less of financial runway and those with more than four months. Fewer respondents reported being able to last two to three months.
National Economic Resilience
A person’s ability to meet fundamental necessities is also heavily influenced by the country in which they live.
The gap is especially wide between the number of respondents who could only meet their requirements for a week or less and those who could meet their needs for a month or more—a small minority in industrialized economies but a sizable proportion of respondents in some developing countries.
Engineering a Safer World
The World Risk Poll 2024 research identified a vulnerability in global economic resilience. Younger people in poor countries are more vulnerable than elderly people in rich countries.
The report sheds light on the risks that ordinary people face, such as how long they can meet their demands without an income. However, the World Risk Poll 2024 report outlines many more hazards, including global plastic waste, workplace safety, and the impact of climate change.
Recently, GreatGameIndia reported that the 2024 World Competitiveness Ranking by the International Institute for Management Development (IMD), released on Tuesday, highlights Singapore, Switzerland, and Denmark as the world’s most competitive economies, while the US dropped out of the top 10 for the first time.
One Response
Got food for ten years and ten thousand dollars saved!
With weapons and ammunition, one can get whatever one needs, too!