30/05/2019. The idea will seem more or less pessimistic, but as they say “in life, there are always ups and downs”. Indeed, one never knows what the future holds, especially in Madagascar with the country’s socio-economic situation still quite weak. Each person manages his or her life and portfolio as he or she sees fit, but anticipating the possible cases of the future always remains the best arphane. In today’s survey, we have especially privileged and approached young Malagasy people in the capital to talk about their perception of the future in Madagascar. Discover in this article how the Tananarivians perceive their personal and professional future in the Big Island.
Table of contents
- The financial situation is at a standstill
- Perception of the future in Madagascar: a small improvement within 5 years
- Basic necessities remain the priority
- To save or not to save?
- Perception of the future in Madagascar: no preparation for retirement
- To conclude this survey on the perception of the future in Madagascar
The financial situation is at a standstill
Before moving into the future, it is always prudent to reconsider our present by analyzing our past. From the point of view of Tananarivians, more than three-quarters of the 901 people surveyed throughout the capital of Madagascar are confident in their perception of their professional future (77%) in Madagascar. However, a considerable percentage of the citizens of the city of Antananarivo, as high as 23%, are rather anxious about the future.
This concern is quite understandable, especially for those in their thirties and over. Indeed, for more than 5 years, the country’s economy has not been stable at all, and the financial situation of the population remains at a standstill (35%). However, there has been a slight improvement in these financial conditions among more than half (52%) of the inhabitants of Antananarivo. Only 4% of them have been able to multiply their earnings in half a decade.
Perception of the future in Madagascar: a small improvement within 5 years
One of the positive points, according to our surveys, 7 out of 10 Tananarivians can currently save only a small part of their income. Other 6% who are financially better off can afford to put enough money aside, in their bank accounts or savings, to ensure their social and professional future. But on the other hand, 22% of citizens in the capital have anxiety attacks at the end of each month. They do not reap any benefits, as they barely manage to make it through the month. Worse, debt affects 3% of those surveyed.
Fortunately, the people of Tananarivo have this great strength of safety and confidence in them. According to the figures collected from the people surveyed, 54% are convinced that their financial situation will improve over the next 5 years. The inhabitants who are not really sure of themselves prefer to remain neutral, arguing that their situation will not change (35%).
Basic necessities remain the priority
Admittedly, with the current cost of living, the purchasing power of Tananarivians, if not all Malagasy, is still very low, but with good household and property management, the respondents think they will be able to buy various household items for 5 years.
Indeed, in their perception of the future, 24% want to buy electrical and electronic appliances, while 19% see things in a big way and aspire to buy or build a house. The same percentage is also interested in buying furniture (19%). Cars and motorcycles only come in fifth and sixth place, since 20% of citizens do not think they will buy anything in half a decade. In fact, in everyone’s needs, necessity comes before fantasy.
To save or not to save?
In the perception of the future in Madagascar or elsewhere, certain conditions must be taken into account. Capitalizing on a few years would be a good start for a real success. Our figures confirm that the people of Tananarivo are undecided as to whether or not to accumulate their money. Half (49%) think they can make savings in banks, savings or even mobile banks, while the other half is not yet very sure.
Perception of the future in Madagascar: no preparation for retirement
The employees also follow the logic of the majority of Tananarivians. 78% of them do not think and do not even save for their retirement. Obviously, some of them do it against their will, either because their income is not sufficient for a standard household in Madagascar, or because of poor portfolio management.
In any case, for the 21% who have prepared financially for retirement, the largest half (58%) say they are confident that the income they have accumulated until retirement is correct and adequate.
To conclude this survey on the perception of the future in Madagascar
Talking about the perception of the future in Madagascar is always quite delicate. With the vulnerability of the national economy affecting the social sector in passing, we are constantly being told that “the future in Madagascar is not financially stable”… It’s a popular misconception! In fact, the will of the population is not really reflected in its actions nor in its ambitions. There is no anticipation or even preparation for a better future. The problem may not come from the Tananarivians in their twenties or thirties, but rather from calling on the state authorities to change the state of mind of the current Malagasy people.