The recent downturn in the stock market and generally weak economic conditions in the United States have left investors and consumers nationwide increasingly worried about the future of Social Security. Recent Gallup poll results show that a significant portion of the public is worried it will not be able to collect Social Security payments upon retirement. Additionally, Americans are now somewhat less willing to place Social Security funds into private investment accounts than previously.
A CNN/USA Today/Gallup poll conducted July 5-8* reveals that more than a third of non-retired adults (36%) say they are "very worried" about not being able to collect Social Security, and another 31% are "moderately worried." Conversely, 17% say they are "not too worried" and 13% are "not worried at all."
Perhaps not surprisingly, pessimism about collecting Social Security is lowest among Americans aged 65 or older (many of whom are currently collecting Social Security), as only 13% of that age group is "very worried." Americans aged 30 to 49 are the most pessimistic, with 42% saying they are "very worried." Among the youngest adults (18- to 29-year-olds) 33% are "very worried;" however, Gallup polling over the years shows that the youngest Americans have for some time been skeptical that they will receive any Social Security benefits at all.
Perhaps most startling is that roughly a third of Americans aged 50 to 64 (nearing or at retirement age) say they are "very worried" about being able to collect Social Security when they retire -- hardly a ringing public endorsement of the current Social Security system.
President Bush and other American leaders champion the privatization of Social Security as a way to save it. When Gallup first began asking about Social Security privatization in 2000**, nearly two-thirds of Americans said they favored the idea, while less than a third opposed it. This trend line held steady until a recent June 2002 survey*** showed a decrease in the percentage favoring privatization (to 57%) and an increase in the percentage opposed (to 39%).
Women are significantly more likely than men to oppose the private investment of Social Security funds (43% to 34%, respectively). Opposition is also much higher among older Americans. Specifically, 62% of those aged 65 and older oppose the idea, compared to 45% of 50- to 64-year-olds, 29% of 30- to 49-year-olds, and 31% of 18- to 29-year-olds.
*Results are based on telephone interviews 814 non-retired adults, aged 18 and older, conducted July 5-8, 2002. For results based on the total sample one can say with 95% confidence that the maximum margin of sampling error is ±4%.
**Results are based on telephone interviews 566 non-retired adults, aged 18 and older, conducted June 6-7, 2000. For results based on the total sample one can say with 95% confidence that the maximum margin of sampling error is ±5%.
***Results are based on telephone interviews with 1,019 national adults, aged 18 and older, conducted June 28-30, 2002. For results based on the total sample of national adults, one can say with 95% confidence that the maximum margin of sampling error is ±3%.
