According to a recent Redfield & Wilton Strategies poll, many Americans across all age groups are losing trust in Social Security.
In response to a study asking participants if they thought Social Security would be sufficient to sustain them in retirement, around one-fifth of those over 55 expressed doubts about the program’s ability to provide for their golden years. A little over 23% of respondents between the ages of 55 and 64 and 19% of those 65 and above indicated skepticism regarding the program.
The survey was conducted on January 18, concurrently with the House Budget Committee’s advancement of the Fiscal Commission Act of 2023. Critics worry that the measure, which aims to reduce the nation’s debt by over $34 trillion, may result in Social Security cuts, heightening concerns about the program’s sustainability.
The study also revealed younger individuals’ concerns over Social Security, with roughly 21% of those in their 40s expressing doubts about the program’s ability to sustain them and 21% expressing optimism that it will be sufficient.
The proportion of individuals in their 20s and 30s who expressed concern that the program would not offer sufficient support decreased to 17 percent and 15 percent, respectively.
The initiative generated more optimism among younger employees. Remarkably, compared to 14 percent of those in their 40s and 50s and 16 percent of people in their 60s, individuals in their 30s strongly agreed—that is, 22 percent of them—that Social Security will help them.
One thousand five hundred eligible voters nationwide participated in the online survey. To properly represent the demographics of adult Americans, data was weighted according to age, gender, location, and educational attainment.
The study indicates an increasing uneasiness among older Americans over retirement financial security as the debate over Social Security’s future heats up. This, together with the notable levels of apprehension among workers in their twenties and thirties, may provide policymakers with a compelling justification to focus on the problem and guarantee the program’s sustainability for subsequent generations.
