Press Center: News Releases
Young Americans See the Devil in Private Account Details
Women, African-Americans, Hispanics Also Skeptical of Radical Changes to Social Security / News Release
February 3, 2005
Young Americans (age 18 to 39), often viewed as open to private accounts in Social Security, in fact question the proposal when confronted with details, a new national poll shows.
Results of a new poll of 1000 Americans age 18 and up were announced at a Washington press conference today by AARP, Rock the Vote, and the Joint Center for Political and Economic Studies. AARP CEO Bill Novelli, Rock the Vote Political Director Hans Reimer and Joint Center Senior Vice President Margaret C. Simms released the results.
The survey found that while Americans of all ages, race/ethnicity and gender recognize the need to strengthen Social Security, most oppose private accounts once they learn the likely consequences of putting the accounts into effect.
Most Americans in the 18 to 39 age group, for example, say that they would flat-out oppose the accounts if, for example, it means that cuts to their guaranteed Social Security benefits would be so severe that they could not make up the difference with private accounts (70 percent say they would oppose) or that diverting some Social Security payroll taxes means "massive new federal debt in order to pay current benefits" (63 percent say they would oppose).
Women, Hispanics and African-Americans (of all ages) rejected private accounts by even larger margins when asked about the same likely scenarios, the poll found. African Americans are especially reluctant to pass debt onto future generations. Nearly seven in ten (69%) would oppose private accounts if it meant their children "could be confronted with two bills: one for the current shortfall and another to meet additional shortfall due to private accounts."
"We should not be surprised that many younger adults – along with older Americans – have serious questions as they learn more about the potential consequences of private accounts," said AARP's Novelli. "They know that change is needed, but they want change that strengthens Social Security, not weakens it."
Political Director of Rock the Vote Hans Riemer said, "This poll shows that young people do not support changing Social Security if it means dismantling the basic safety net, cutting benefits dramatically, or massively increasing the national debt. They get all three at once under most private accounts plans. We hope the politicians who say they want to help younger generations are paying attention."
Joint Center for Political and Economic Studies President Togo Dennis West Jr. said, "This survey gives voice to many concerns that African Americans have about the current debate about Social Security reform, and augments some of the findings of previous Joint Center polls."
The new poll follows one last week by AARP that surveyed Americans age 30 and above. That poll found that, given a choice, three-in-five would strengthen Social Security with as few changes as possible.
The latest poll was conducted for AARP by Roper Public Affairs between January 15 and 23. The telephone poll involved 1,000 persons aged 18 and over, with over samples of 410 African-Americans and 411 Hispanic-Americans. Five hundred seventy-eight women were surveyed.
The new survey asked participants about their view of private accounts if these scenarios were involved:
- There would be a lower guaranteed Social Security benefit in retirement. Fifty-seven percent of young Americans said they would then oppose private accounts. Sixty-eight percent of women said they would then oppose the accounts. The percent for African Americans was 70 percent; Hispanics, 63 percent.
- Stock market fluctuations could result in decreased money in retirement. Fifty-three percent of young adults said they then would oppose the accounts; 65 percent of women; 71 percent of African Americans; and 64 percent of Hispanics.
- Workers would pay management fees associated with private accounts. Fifty seven percent of those 18 to 39 surveyed said that they would then oppose the accounts; 68 percent of women would oppose; 72 percent of African Americans; and 66 percent of Hispanics.
AARP is a nonprofit, nonpartisan membership organization that helps people 50+ have independence, choice and control in ways that are beneficial and affordable to them and society as a whole. We produce AARP The Magazine, published bimonthly; AARP Bulletin, our monthly newsletter; AARP Segunda Juventud, our bimonthly magazine in Spanish and English; NRTA Live & Learn, our quarterly newsletter for 50+ educators; and our website, www.aarp.org. AARP Foundation is our affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. We have staffed offices in all 50 states, the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.