(TNND) — The Cato Institute released polling that shows a big generational divide over Social Security reform and widespread public misunderstanding of the program’s structure and financial future.

Most Americans, 83%, have a favorable view of Social Security.

But nearly a third don’t expect it to survive until they retire.

Nearly 60% say younger workers are getting a worse deal than today’s retirees.

And just over 60% said Congress has broken its promises in managing the program.

The vast majority of folks 65 and older believe current retirees’ benefits should be protected, even if that means higher taxes on younger workers.

Meanwhile, most Americans under 30 said younger workers should be protected from higher taxes, even if doing so requires reducing benefits for current retirees.

And members of Gen Z were eight times more likely than those 65 and older to support reducing benefits for current and future retirees to address Social Security’s financial problems (47% vs. 6%).

“To be clear, young people and older people have very different levels of knowledge when it comes to Social Security,” said Emily Ekins, director of polling at the Cato Institute. “Retirees, senior citizens, know a lot more about Social Security than Gen Z. But when you give Gen Z information about the Social Security program and that benefits are going to have to be cut by about a quarter starting in 2033, unless Congress does something, you find a very significant generational divide.”

The Social Security trust fund for retirees is projected to become insolvent in 2033.

That doesn’t mean there won’t be any money for retirees in 2034. But it does mean retirees can only get paid based on what’s currently coming in, mainly the payroll taxes on working Americans.

So, without action, Social Security retirement benefits are on course for a 23% cut in less than a decade.

Until 2010, workers paid more in Social Security taxes than what the federal government paid out in benefits.

Since then, Social Security has borrowed over $1 trillion to bridge the gap.

And the government is expected to borrow another $4 trillion to make up the Social Security deficit between now and 2033.

People are living longer and cashing Social Security checks for longer.

Meanwhile, declining fertility rates mean there are fewer new workers to generate tax revenue for retiree benefits.

In the 1950s, we had 16 workers paying taxes for every one beneficiary of Social Security, Romina Boccia, the Cato Institute’s director of budget and entitlement policy, previously told The National News Desk. Now, there are just 2.7 workers paying taxes to cover the costs of supporting a Social Security beneficiary.

Ekins said many Americans don’t realize Social Security is a pay-as-you-go program, meaning that our taxes go towards paying senior citizens’ current benefits.

“And it’s not like in a retirement account with your name on it,” Ekins said. “That’s a big misconception.”

The younger generation, which is least likely to know about Social Security, is also the least likely to vote. And they also shoulder a disproportionate share of the burden of paying for Social Security, Ekins said.

People 65 and older vote at a higher rate than younger Americans.

So, there’s an incentive for lawmakers to protect retiree benefits, even if it means Social Security remains on an unsustainable long-term course.

Ekins said younger people expressed more support for reforming Social Security if they were well-informed.

Reforms could include raising the retirement age, cutting benefits, or shifting the program to a flat-benefit schedule.

People expressed some support for raising taxes but turned against the idea once Cato introduced specific dollar amounts.

People would support a small tax increase, $200 to $600 a year, Ekins said.

But most people turn against tax increases when faced with a theoretical $1,300 a year bump.

And, in reality, it would take more like a $2,600 a year tax increase just to maintain current benefits.

“And that’s not even guaranteeing your benefits,” Ekins said. “That’s just guaranteeing someone else’s benefits.”

Seven in 10 Americans supported creating a nonpartisan commission to fix Social Security.

“That was the only reform that we found that a majority of people clearly supported that could actually do something here,” she said.

Such an independent commission, inspired by the ones that helped determine which military bases to close, could give members of Congress political cover so the hard choices could be made to reform Social Security.