Americans Lack Confidence in Society's Ability to Handle an Aging Population

NEW YORK, May 8, 2015 /PRNewswire/ -- It comes as no surprise that as medical advancements continue, life expectancy improves. But what does that mean for America's economic and health care infrastructures? And how do Americans feel about the likelihood of a larger elderly population than ever before in the near future? A recent Harris Poll shows that while half of Americans (50%) say this prospect is a good thing (with 16% responding negatively), many are not confident that we as a society are prepared for or will be able to handle the costs generated by this aging population.

Americans are nearly split on whether or not we will be able to afford having more people living until they are 80, 90 or even 100. About one-third (34%) say we will be able to while 38% say we won't.

These are some of the results of The Harris Poll® of 2,232 U.S. adults surveyed online between January 14 and 20, 2015. Full results of this study, including data tables, can be found here.

It is important to note that many Americans may not have thought about the topic in great detail, given the high number of "unsure" responses. One-third (33%) say they're unsure whether it's a good or bad thing that there will be more elderly people alive and 27% say they're not sure whether we'll  be able to afford it.

Looking specifically at our health care infrastructure, just over half of adults (51%) believe our health care system will not be able to handle large numbers of people with chronic medical conditions;  meanwhile, a fourth each believe we will be able to handle it (24%) and are not sure (24%).

Budget deficit solution?

As the number of people over 65 increases substantially, many economists believe the cost of Social Security and Medicare is likely to increase a great deal if we do not change these programs. Concerns surrounding these programs top the list of worries Americans are facing with the looming aging population. In fact, nearly six in ten adults do not believe there will be enough money left in Medicare (59%) or in Social Security (58%) for them. This climbs to upwards of seven in ten when focusing on the thoughts of Millennials and Gen Xers, who share the fear of a lack of Medicare (70% Millennials & 74% Gen Xers) and Social Security (72% & 74%).

When provided a list of potential options to pursue in the next five years to control the budget deficit, a 43% plurality feels encouraging many more people over 65 to work is the best option. Coming in second, one in three Americans (33%) feel increasing the age at which one is eligible for Social Security and Medicare is the best move. Interestingly, each of these options are most popular among Matures when compared with their generational counterparts, with 58% wanting people over 65 to work (compared to 43% Baby Boomers, 45% Gen Xers, & 38% Millennials) and 50% desiring an increase in eligibility age for both programs (compared to 27%, 34%, and 34%). Nearly one quarter (24%) see increasing taxes as a viable option.

Reducing Medicare benefits (7%) and reducing Social Security benefits (8%) are the least popular avenues of control. However, nearly one-third (32%) don't feel any of these options are reasonable for controlling the budget deficit in the next five years.

When forced to select two of the options provided, the majority (58%) select encouraging many more people over 65 to work and half (49%) say we should increase the age at which one is eligible for Social Security and Medicare. Over one-third (37%) are also on board with the idea of increasing taxes to help close the gap.

When asked specifically about the notion of increasing the age of retirement, a majority of those under the age of 65 (64%) support the idea that many more people should retire later and continue working after 65, with 21% strongly supporting. However, one-quarter (25%) oppose the idea.

Concerns for the future

Concerns for the future are high on a number of levels. Two-thirds of Americans (67%) feel we are not adequately prepared as a society to spend more years caring for our aging parents than for our children – a prospect many experts say is likely.

Nearly half of Americans (49%) expect they will care for their parents in their old age and 48% are confident they will be able to do so. Millennials are more likely than all other generations to both expect to take care of their parents (76% vs. 61% Gen Xers, 29% Baby Boomers, & 10% Matures) and have confidence in their ability to do so (73% vs. 53%, 32%, & 10%).

Looking at the reverse, 41% of Americans expect that their children will care for them in their old age and 46% are confident their children will be able to do so.

Lastly, regardless of the affordability of caring for elders, a majority of Americans share a more personal concern, as 56% worry about outliving people who are important to them.

To see other recent Harris Polls, please visit our new website, TheHarrisPoll.com.

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Methodology

This Harris Poll was conducted online, in English, within the United States between January 14 and 20, 2015 among 2,232 adults (aged 18 and over). Figures for age, sex, race/ethnicity, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents' propensity to be online.

All sample surveys and polls, whether or not they use probability sampling, are subject to multiple sources of error which are most often not possible to quantify or estimate, including sampling error, coverage error, error associated with nonresponse, error associated with question wording and response options, and post-survey weighting and adjustments. Therefore, The Harris Poll avoids the words "margin of error" as they are misleading. All that can be calculated are different possible sampling errors with different probabilities for pure, unweighted, random samples with 100% response rates. These are only theoretical because no published polls come close to this ideal.

Respondents for this survey were selected from among those who have agreed to participate in Harris Poll surveys. The data have been weighted to reflect the composition of the adult population. Because the sample is based on those who agreed to participate in our panel, no estimates of theoretical sampling error can be calculated.

These statements conform to the principles of disclosure of the National Council on Public Polls.

The results of this Harris Poll may not be used in advertising, marketing or promotion without the prior written permission of The Harris Poll.

Product and brand names are trademarks or registered trademarks of their respective owners.

The Harris Poll^® #26, May 8, 2015

By Allyssa Birth, Senior Research Analyst, The Harris Poll

About The Harris Poll®

Begun in 1963, The Harris Poll is one of the longest running surveys measuring public opinion in the U.S. and is highly regarded throughout the world. The nationally representative polls, conducted primarily online, measure the knowledge, opinions, behaviors and motivations of the general public. New and trended polls on a wide variety of subjects including politics, the economy, healthcare, foreign affairs, science and technology, sports and entertainment, and lifestyles are published weekly. For more information, or to see other recent polls, please visit our new website, TheHarrisPoll.com.

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