The American Dream: Fading Hope or Evolving Reality?
The American Dream, a cornerstone of our national identity for many years, promises that anyone, regardless of background, can succeed through hard work and determination.
Two recent studies show differing opinions about the attainability of The American Dream. Why are there changing views on the American Dream, and what are the new perceptions about it?
The Pew Research Center’s poll on attitudes toward the American Dream shows that only 53 percent of respondents believe it is achievable. 41 percent feel it was once attainable, but now it is no longer possible. Alarmingly, 6 percent believe the American Dream never existed at all.
The 18-29 age group cites economic uncertainty and the lingering effects of the Great Recession, combined with rising student debt and a competitive job market, as the reasons financial stability is elusive for many young adults.
However, another study by the Sine Institute to determine the views of young adults on The American Dream shows that they remain steadfastly optimistic about their own lives, surpassing both their positive feelings about the overall direction of the country and their judgments about the experience of their parents’ generation.
Middle-aged Adults (30-49) view work-life balance and family responsibilities as barriers to the ability to “have it all.”
Many older adults (50+) believe the American Dream was more attainable in their youth, contributing to a more nostalgic view of the past.
In contrast to the Pew study, the Sine Institute report found that 87 percent of respondents believe the American Dream isn’t a single, universal concept. Instead, they agree it should vary for each individual, reflecting different personal goals and values.
“Despite these shifting perceptions, it is, in fact, possible to create a solid financial future and prepare for retirement if you plan well,” says Scott Ente, Senior Vice President of Investments at David Lerner Associates. “Enhancing your financial literacy, taking charge of your finances, and partnering with an experienced investment counsellor can help you build your version of the American Dream.”
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