Americans on Social Security are about to receive a 5.9% boost in benefits, the biggest adjustment in 39 years. MagnifyMoney recently surveyed Americans to understand their sentiments around Universal Basic Income which in theory, could act as Social Security for all.
According to the survey, 72% of Americans support some form of UBI — with most hoping the payments would go to certain groups of people rather than all adults.
For full survey findings, click here.
Key findings:
- At least 7 in 10 Americans support some form of universal basic income, with 35% “definitely” favoring the policy and 38% supporting it under certain conditions (i.e., income, citizenship and employment).
- 22% of Americans say they need UBI to make ends meet.
- Among those not in favor of UBI, the No. 1 reason is a fear that the policy would remove the incentive to work (noted by 68% of opponents), followed by the possibility of higher taxes (53%).
- The same percentage of those who support UBI (72%) believe we should guarantee that all Americans have enough money to afford basic needs like food and shelter.
The coronavirus pandemic and the resulting economic fallout inspired many to rethink how people have their needs met — and whether it’s the government’s responsibility to meet them.