New Poll Shows Majority Of Generation Z Has A Negative View Of Capitalism

A new poll revealed how the younger generation views key economic issues, such as the role of conservatism and socialism. 

An Axios/Momentive Poll was carried out June 11-15, 2021, and included a national sample of 2,309 adults. 

Out of all adults, 31% said they strongly disapprove of the way President Joe Biden is handling his job as president, while 27% strongly approved. The respondents said that the issues that mattered most to them are jobs and the economy, with health care coming in second. 

Out of all respondents, 57% of respondents said that they had a positive reaction to the word “capitalism,” while 36% said they had a negative response. Notably, men had a more positive response than women with 68% of men saying they had a positive reaction to the word and only 48% of women had a positive reaction to the word.

When asked about their reactions to the world “socialism,” 52% of all respondents had a negative reaction, while 41% had a positive reaction. The reactions along gender lines were different, as well, with 59% of males responding negatively and only 46% of females. 

Respondents were asked, “Do you believe the federal government should or should not pursue policies that try to reduce the gap between wealthy and less well-off Americans?” Most responded that they should do so, with 39% believing strongly that they should, and 27% of respondents believing somewhat they should. 

Respondents were also asked nuanced questions about socialist and capitalistic ideas. Of all respondents, 58% said that “Unfairness in the economic system that favors the wealthy” is a bigger problem than “Over-regulation of the free market that interferes with growth and prosperity.” Only 36% saw the latter as the bigger problem out of the two issues.

The group was asked, “Do you think the evidence for capitalism, as an economic system, is now better, worse, or about the same when compared with 50 years ago?” Out of the total people surveyed, only 27% said the evidence for capitalism is better than it was 50 years ago with 41% saying that it is worse. 

When asked the same question about socialism, 27% said that the evidence for socialism as an economic system is now better than it was 50 years ago while 43% said it is worse. According to a description of the polling, the more pressing issue regarding the numbers is the shift in support of socialism and capitalism from the younger generation over the past several years. 

“Today, 18-34 year-olds are almost evenly split between those who view capitalism positively and those who view it negatively (49% vs. 46%). Two years ago, that margin was a gaping 20 points (58% vs. 38%),” the site noted. 

It added, “By contrast, views among adults ages 35 and older haven’t budged, with wide margins of 35-64 year-olds and 65+ saying they view capitalism in a positive light.”

The site also discussed the change in views of capitalism within political ideologies. “And more specifically, young Republicans have seen real movement in the past two years,” it added, stating, “in 2019, 81% of Republicans and GOP leaners age 18-34 had a positive view of capitalism; today, that number has fallen to 66%. Among Republicans 35 and older, views haven’t shifted as substantially.”

Among adults in Gen Z (ages 18-24), perceptions of capitalism are not positive, the group noted, with 42% of Gen Z-ers holding a positive view and 54% a negative view.

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