Throughout the country, most people hold a strong desire to achieve the "conventional" aspects of the American dream.
According to the Wall Street Journal, this includes owning a home, starting a family, and securing a comfortable retirement.
Despite this aspiration, only a limited number of people believe they can attain these goals. A new study reveals that 67% of Americans believe they are on their way to achieving the American dream, while 32% believe it is out of reach — up from the reported 24% last year.
“It’s complex. [The American dream] has changed over the years, too. Right now, my focus is more on my personal career," said Elizabeth, a 26-year-old from Arkansas.
“My parents got married very, very young. The Christian, old-school baptist sort of thing," added Bethany, 25. "You know, that’s what they say is the picture-perfect, and it’s not. As I've gotten older, I’ve realized, do I really want that? Or is it just because of what I've been taught?”
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According to a recent Wall Street Journal poll, 89% of younger folks said owning a home is essential or important to them, while only 10% said that was easy or somewhat easy to achieve.
And it makes sense. A Lending Tree survey from late June about non-mortgage debt carried by each generation showed Gen Xers (44-59 years old), on average, had $33,859 in debt, while millennials (28-43) carried $30,558, and baby boomers (60-78) had $18,779 — nearly half of what younger folks have.
“[Younger generations] have a lot of challenges, but I think the other thing is they’re very motivated,” said Eric Adydan, CEO of the Close Up Foundation, a nonprofit, nonpartisan civic education group in Washington, D.C.
Adydan not only points to the tough hand many younger generations feel they have been dealt with school debt and rising interest rates, but also the pandemic. He says they’ve been catalysts for the newer American dream that is based on the principle of freedom to forge one’s own path.
“I think this generation is pushing back a little bit. They’re not saying we’re going to fall into the classic norms that existed before, but we’re going to figure this out ourselves,” Adydan said.
Many of the staples from the traditional American dream still resonate. Younger folks still want homes, families, and successful jobs, but they, like 19-year-old Alicia, say they do it with a driving desire for greater purpose.
“Especially my generation — we can be very self-focused, and very much like 'What do I want my life to look like?' And that’s something my dad taught me that I’m really grateful for. That it’s not just about you,” she said. “So, I think the American dream is the opportunity to use my voice, use my life, use these things to serve other people so that the next generation can live a better life.”
“[I want] to leave this place better than when I was brought in and to have people say that this guy was a good dude,” added Ross, 42.
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