Young people are less satisfied with democracy and more disillusioned than at any other time in the past century, especially those in Europe, North America, Africa and Australia, a study by the University of Cambridge has found.
Millennials, people born between 1981 and 1996, are more disillusioned than Generation X, those born between 1965 and 1980, or baby boomers, born between 1946 and 1964, and the interwar generation of 1918 to 1943.
"Around the world, younger generations are not only more dissatisfied with democratic performance than the old, but are also more discontented than previous generations at similar life stages," the study found.
Protests around the world
Dissatisfaction is highest in the US, Brazil, Mexico, South Africa, France, Australia and the UK.
But satisfaction has increased in Germany, South Korea and many of the former communist countries of Central and Eastern Europe.
The main reason behind the disillusionment with democracy among young people was inequality of wealth and income, the report said.
It cited figures that show millennials make up about 25 per cent of the US population but hold only 3 per cent of the wealth.
Baby boomers held 21 per cent of the wealth at the same age.
"This is the first generation in living memory to have a global majority who are dissatisfied with the way democracy works while in their twenties and thirties," said Dr Roberto Foa, lead author of the report.
"By their mid-thirties, 55 per cent of global millennials say they are dissatisfied with democracy, whereas under half of Generation X felt the same way at that age.
"The majority of baby boomers, now in their sixties and seventies, continue to report satisfaction with democracy, as did the interwar generation."
The study suggested the populist challenge to mainstream establishment politics could help to improve democratic engagement by shocking moderate parties and leaders into reversing the decay.
The Cambridge Centre for the Future of Democracy delved into data from more than 4.8 million respondents from 160 countries between 1973 and 2020.
Why it pays to compare
A comparison of sending Dh20,000 from the UAE using two different routes at the same time - the first direct from a UAE bank to a bank in Germany, and the second from the same UAE bank via an online platform to Germany - found key differences in cost and speed. The transfers were both initiated on January 30.
Route 1: bank transfer
The UAE bank charged Dh152.25 for the Dh20,000 transfer. On top of that, their exchange rate margin added a difference of around Dh415, compared with the mid-market rate.
Total cost: Dh567.25 - around 2.9 per cent of the total amount
Total received: €4,670.30
Route 2: online platform
The UAE bank’s charge for sending Dh20,000 to a UK dirham-denominated account was Dh2.10. The exchange rate margin cost was Dh60, plus a Dh12 fee.
Total cost: Dh74.10, around 0.4 per cent of the transaction
Total received: €4,756
The UAE bank transfer was far quicker – around two to three working days, while the online platform took around four to five days, but was considerably cheaper. In the online platform transfer, the funds were also exposed to currency risk during the period it took for them to arrive.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
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