YOUNGER GENERATIONS IN THE U.S., including millennials and Gen Zers, are much more likely to believe that the Social Security system needs reforming than those in their 60s and 70s, according to a recent survey conducted by Redfield & Wilton. Strategies on behalf of Newsweek.
A majority of 63 percent of Americans "strongly agreed" (28 percent) or "agreed" (35 percent) that the Social Security system needs to be reformed, according to the Redfield & Wilton Strategies/Newsweek poll. Only 10 percent "strongly disagreed" (5 percent) or "disagreed" (another 5 percent).
The poll was conducted on December 8 among a sample population of 1,500 eligible voters in the U.S.
Some 40 percent of respondents said they believe that the Social Security program currently pays out more to retirees than it is receiving in Social Security tax payments, while 26 percent disagreed with this statement.
Gen Zers (ages 18-26), millennials (ages 27-42) and Gen Xers (ages 43-58) were more likely than boomers (59 and older) to think that Social Security should be reformed.
According to the poll, 56 percent of Gen Zers, 76 percent of millennials and 69 percent of Gen Xers believed the system should be reformed, against 50 percent of boomers.
There were also overwhelmingly more millennials (52 percent) thinking that the system isn't getting as many tax payments as it was handing out benefits to retirees than any other generation, including Gen Z (39 percent), Gen X (25 percent) and boomers (39 percent).
"In general, millennials and pluralsour name for Gen Z-are skeptical that Social Security benefits as robust as those retirees like me currently enjoy will be available to them when they retire," Morley Winograd, author of three books on the millennial generation, told Newsweek.
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