The Evolving American Dream

The American Dream appears to have “gone social” with respondents across generations experiencing a significant level of conflict when they hypothetically have to choose between having a roof over their heads or having close friends and family. This is especially prevalent in Gen Y, with 33% of them saying that they would rather have close friends and 23% saying they would rather have a roof over their heads.

There is however, a cognizance of pragmatism and the study was able to uncover certain gaps where that is concerned. Almost three quarters of those surveyed said that a crucial component to attaning the American dream was having in place a financial safety net – which the study defines as having enough savings to cover living expenses in the event of an emergency such as an illness or an unexpected loss of employment, as well as financial protection products including life/home/health insurance, annuities and retirement accounts in place. Yet only 30% of respondents said their own financial safety net was adequate, and noted that building such a net is becoming more difficult. Some 50% of Baby Boomer respondents said that they had a weak retirement savings plan put in place and younger generations responded that they are not making enough money to build one.  

“Times are tough, but people are adapting and pursuing their own version of the dream,” said Beth Hirschhorn, executive vice president and chief marketing officer for MetLife said “It’s as if Americans are saying, ‘Don’t tell me what the American Dream is; I have my own Dream. Yours may be different, and that’s okay.’”