While the vast majority of Generation Y’ers believe it’s possible to achieve the American dream in their lifetime, only 34% feel that they have an adequate safety net and 38% say that they have credit card debt, according to a recent MetLife study.
The 2010 MetLife “Study of the American Dream” shows that 95% of Gen Y believe it’s possible for them to achieve the American dream in their lifetime, and 51% believe their work ethic will help them get there.
Surprisingly, over the course of the recession, more than a quarter (26%) of Gen Y’ers surveyed said they have already achieved the dream–up from 17% in 2006, the first year MetLife conducted the survey. While 47% of those in the 18- to 34-year-old Gen Y demographic say that the pressure to buy more and better material possessions is greater than ever, that number is a significant drop from the two-thirds (66%) who felt that way in 2006.
In contrast, according to the study released July 26, the recession has hit Boomers hard: nearly three-quarters (74%) said they do not feel they have an adequate personal safety net, and nearly all (97%) are somewhat or very concerned by this uncertainty, particularly the 17% of Boomers who are currently jobless.
Boomers have experienced an identity crisis thanks to the recession, the study shows.