Gallop Poll Shows Strong Support for Accounts

November 4, 2003

According to a new CNN/USA Today/Gallup poll conducted over October 24—26, the majority of Americans who support individual accounts is expanding even further, particularly among younger workers.

"A proposal has been made that would allow people to put a portion of their Social Security payroll taxes into personal retirement accounts that would be invested in private stocks and bonds. Do you favor or oppose this proposal?" Sixty-two percent of those polled favored and 34 percent opposed such accounts.

That is a five-point increase from the last poll, conducted in November of 2002, in which 57 percent favored and 40 percent opposed individual accounts. The increase spells a significant change in public opinion and signals continued success in the movement to reform the current Social Security system. Defenders of the status quo can no longer enjoy a double-digit lead on the issue.

A closer look at the polling results confirms that voluntary personal accounts, while overwhelmingly popular among workers under 30 (83 percent in favor; 13 percent opposed), are becoming increasingly accepted by workers aged 30–49 (72 percent in favor; 26 percent opposed) and those closer to retirement aged 50–64 (57 percent in favor; 39 percent opposed).

It should also be noted that 76 percent of females aged 18–49 favor individual accounts—more than the 73 percent the approval rating of their male counterparts.

Support for individual accounts are strong among republicans, who maintain a 77 percent approval of such accounts and independents, with a 63 percent approval. Self-described "liberals" are starting to latch on to the idea with a 50 percent approval of individual accounts. Minorities are also attracted to personal accounts with a 61 percent majority in favor and 37 percent opposed.

For more information, see "Public Opinion and Private Accounts: Measuring Risk and Confidence in Rethinking Social Security," by John Zogby, president and CEO of Zogby International. Conducted in July 2002, the study claims that consistent support for personal accounts is based on ideological principles of ownership and control over one's own retirement.

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