Millennials favor privatization of Social Security

by Grace

Millennials favor privatization of Social security even if it means that current recipients receive less.

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This majority appears to believe that senior citizens are taking an unfair proportion of the benefits offered by the Federal government.

53% of Millennials believe Social Security is “unlikely” to be there when they become older.

Education decreases the likelihood one believes Social Security will continue in the future. A majority (54%) of those with high school degrees or less expect Social Security to exist when they retire, compared to 36 percent of college graduates.

Nearly two-thirds (62%) of white millennials say Social Security is unlikely to remain in the future. In contrast, 55 percent of African-American, Latino, and Asian millennials instead say it’s likely to continue. Nevertheless, strong majorities of all race/ethnic groups expect that government will not provide the same level of retirement benefits to them as it does for current retirees.

Millennials’ lack of confidence perhaps explains why 73 percent support “changing the Social Security program so younger workers can invest their Social Security taxes in private retirement accounts. ”

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Emily Ekins, “Millennials Favor Private Accounts for Social Security Even if Benefit Cuts to Current Seniors Required”, Reason.com, Jul. 17, 2014.

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2 Comments to “Millennials favor privatization of Social Security”

  1. Given that most boomers do not have adequate savings for retirement, the millenials are more likely to end up supporting their elders. Once they understand that, millenials may not be so enthusiastic about cutting social security benfits for their parents.

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  2. Yeah, one way or another they’ll end up paying.

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