The big picture: 50% of millennials and 51% of Generation Z have a somewhat or very unfavorable view of capitalism — increases of 8 and 6 percentage points from last year. Meanwhile, the share of millennials who say they are “extremely likely” to vote for a candidate who identifies as a socialist doubled.
Nearly half of Gen Z and millennial respondents said they felt the U.S. economic system worked against them — more than other generations. They’ve grown up in a capitalist country where economic inequality has continued to climb.
Many are burdened with college debt, have seen little wage growth and face the threat of job loss due to automation — all while the top 1% continue to accumulate wealth.
Socialism and communism also don’t bring the same negative associations and memories that they have for older generations. Even the oldest millennials were just children when the Berlin Wall fell.