This coming election and future elections will be influenced by the millennials who view the world differently than previous generations. A higher percentage of them have college degrees than previous generations. Because of that they are carrying heavier college loan debt than previous generations. They are also living with their parents in higher numbers because they are often struggling to find good jobs.

If you knew just these few facts, you might conclude that they would favor a free market over greater governmental intervention into the economy. Less government regulation and a free market would translate into more jobs in the private sector.

That is the conclusion you might draw from the recent headlines touting a Reason-Rupe survey of millennials. A typical headline concludes: “64 percent of millennials favor a free market over a government-controlled economy.” But if you look a little closer, you don’t find as much support for capitalism. By a narrow margin, 52 percent favor capitalism and 42 percent choose socialism.

The problem appears to be a lack of education about basic economic philosophies. A CBS/New York Times poll from a number of years ago discovered that Americans in general had a difficult time defining the word “socialism.” And of all the groups surveyed, only 16 percent of the millennials could define socialism as government ownership (or some variation). To put this in perspective, 57 percent of people who self-identified themselves as part of the Tea Party gave an adequate definition of socialism.

Millennials are also divided on whether free markets promote economic growth and development. Only a third (37%) believe a free market is the most effective in promoting economic opportunity.

Educating millennials about economic philosophies is going to be key in this and future elections. If they don’t know what socialism is and don’t know the benefits of a free market, they are unlikely to vote for candidates that will improve the economy, which will give them better jobs.