A recent Bankrate survey highlights a growing concern about the future of Social Security.
While over half of those surveyed expect to need Social Security, about 74 percent of Americans worried about the program’s long-term viability.
However, this survey revealed another concerning trend. Younger generations are increasingly expecting to depend on it far less—or not at all.
Younger People Have Less Confidence in the Future of Social Security
The survey found a clear generational shift in attitudes. Baby boomers (ages 60 and older) are the most likely to expect Social Security to be a significant source of their retirement income. However, as the generations get younger, confidence in Social Security as a key retirement resource declines sharply.
Only 35 percent of Gen Xers anticipate being very reliant on Social Security, and that number drops even further among millennials and Gen Z. In fact, just 14 percent of Gen Z expects Social Security to play a major role in their retirement plans, signaling a deep skepticism about the program’s future.
This shift in expectations means younger generations are increasingly looking at alternative retirement strategies, such as 401(k)s, IRAs, and other investment vehicles. Many are prioritizing financial independence and self-funded retirement plans, preparing for the possibility that Social Security may not be a reliable safety net.
Raising awareness about these generational trends is crucial. As younger Americans take a more proactive approach to retirement planning, understanding Social Security’s potential trajectory can help them make informed financial decisions. By sharing insights like these, our blog aims to educate and empower individuals to prepare for their financial future.
We believe everyone should be able to rely on Social Security. After all, we’re all paying into this program and deserve to be paid back. Sign our petition to protect Social Security and guarantee yearly cost-of-living adjustments (COLAs).
