Think Tank Study Shows 67% Of Millennials In UK Prefer Socialist Economic System

Faizan Hashmi Published July 07, 2021 | 12:22 AM

An estimated 67% of millennials in the United Kingdom want to live in a socialist economic system, UK charity and right-wing think tank Institute of Economic Affairs (IEA) said on Tuesday

MOSCOW (UrduPoint News / Sputnik - 06th July, 2021) An estimated 67% of millennials in the United Kingdom want to live in a socialist economic system, UK charity and right-wing think tank Institute of Economic Affairs (IEA) said on Tuesday.

"The IEA has commissioned an extensive survey into the economic attitudes of Millennials and 'Zoomers' (i.e., Generation Z), which broadly confirms and deepens the impression we get from previous surveys. For example, 67 percent of younger people say they would like to live in a socialist economic system," the think tank said.

According to the report, young people associate socialism largely with positive terms like "workers," "public," "equal," and "fair." Very few associate it with "failure." On the other hand, capitalism is mainly associated with terms such as "exploitative," "unfair," "the rich," and "corporations."

An estimated 75% of young people believe that climate change is a specifically capitalist problem as against the view that it is a consequence of industrial production that would occur in any economic system.

Also, 71% agree that capitalism fuels racism; and 73% agree that it fuels selfishness, greed, and materialism. In comparison, a socialist system would promote solidarity, compassion, and cooperation.

The think tank also revealed that 78% of young people blame capitalism for the United Kingdom's housing crisis. As a result, they hold that large-scale government intervention would solve the housing problem through measures such as rent control and public housing.

The study was conducted between February and March 2021 among 2,000 participants from age 16 to 34 from every region of the UK. It covers most of the millennial generation, and about half of Generation Z. Those within age 16 to 22 are tagged as Zoomers while those aged 23 to 34 are tagged as Millennials.