Social Security has long been seen as a financial safety net for Americans. The programme, officially called Old-Age, Survivors, and Disability Insurance (OASDI), provides retirement, disability, and survivor benefits. It is funded through payroll taxes (FICA) and managed by the Social Security Administration (SSA).
For decades, it has ensured a basic income for retirees, disabled workers, and families of deceased workers. Even today, it remains one of the most important pillars of the US social safety net.
According to the Pew Research Center, as of April 2025, around 73.9 million people in the US receive Social Security benefits.
For many, these monthly payments are a major source of income. It was created during the Great Depression and signed into law by President Franklin D. Roosevelt in 1935. It was first designed to support retired workers and later expanded to cover people with disabilities and surviving family members.
Regardless of its reach and popularity, America’s Gen-Z population is increasingly unsure whether the programme will be there for them
Gen Z has major concerns
A new survey by the Cato Institute in collaboration with YouGov shows that Gen Z, Americans under the age of 30, are not completely opposed to saving Social Security but they have major concerns.
The survey found that 61 percent of Gen Z and 64 percent of seniors support raising the payroll tax rate from 12.4 percent to 16.05 percent to close the programme’s funding gap.
However, that support weakens when the long-term trade-offs are explained. Gen Z respondents largely oppose higher payroll taxes “if current workers would eventually get back less than they paid in.” Under those conditions, 60 percent of Gen Z said they would oppose a tax increase.
In contrast, 52 percent of seniors said they would still support it. This explains that younger workers are concerned not just about paying more, but about whether the system will treat them fairly in return.
Doubts about whether Social Security will survive
Confidence in social security’s future is especially low among younger Americans. Only 34 percent of adults under 30 believe the programme will still exist when they retire. Many also expect reduced benefits.
Nearly eight in 10 Gen Z respondents (78 percent) say they expect to receive less than their full scheduled benefits. Among current retirees, 56 percent expect benefits to be cut.