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Joint Center for Political and Economic Studies Releases Public Opinion Report on Social Security and Wealth - April 2, 2007 Inadequate Personal Savings Demonstrates the Need for Social Security The Joint Center for Political and Economic Studies has released a final report that summarizes the findings from reviews of more than 60 public opinion polls conducted over the past ten years to assess the views of the U.S. population about savings behavior, expected sources of retirement income, and the status of the Social Security system. Of particular interest are the findings on the African American population, including findings from a Joint Center survey conducted in late 2005. Key findings from the report show that:

• When compared to 1998, in 2005 a greater proportion of the African American population between the ages of 18 and 25 and those 65 and older were likely to report “wanting to save but can’t”.

• Only 38 percent of African Americans in 2005 reported regularly saving a lot.

• Less than one-half of African Americans in 2005 (42 percent) expect their own savings to be a major source of retirement income.

• Between 2001 and 2005, support for the partial privatization plan of President George W. Bush declined from nearly three of every five respondents to two of every five respondents among people of all races combined. Simultaneously, opposition to this Social Security reform proposal increased from nearly two of every five respondents to more than half.

This report is part of a larger project conducted by the Joint Center to determine African Americans’ knowledge and expectations of the Social Security system and to inform them and other audiences of the importance of Social Security in individual retirement and survivor portfolios. This project was supported by the Ford Foundation.

Download Report Sections:

Retirement Prospects and Perils: Public Opinion on Social Security and Wealth, by Race 1997-2005: FULL REPORT

Table of Contents

Executive Summary

Introduction

Savings Behavior and Wealth

Social Security: Knowledge, Expectation, and Confidence

Public Perceptions of Social Security Problems and Reforms

Conclusions

References

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