Financial fears have changed the American dream, according to a new survey from PurePoint Financial.
The PurePoint “State of Savings in America” Research is based on an online survey of 6,001 adults (18 and older). The largest two income groups represented in the survey sample were $25,000 and under (22% of those surveyed) and $50,000 to $74,999 in annual income (18%).
The survey finds that 71% of Americans think the American dream is different today than in the past. Women are more likely to feel the American dream is different compared with men (73% vs 69% respectively).
According to the survey, 64% of Americans view financial success as simply not living paycheck to paycheck.
“They’re worried about their savings, they’re struggling to get ahead, and what once was the dream of a house, a family and a white picket fence is now the reality of the struggle to simply keep their heads above water,” the report states.
This grim outlook may be the product of economic and political pressures. Americans’ financial worries stem from multiple angles, the top five being rising health care costs (81%), rising cost of living (78%), uncertainty around the political environment (69%), uncertainty around the state of the economy (68%), and taxes (68%).
In fact, the survey finds that 60% of Americans believe we’re on the brink of another financial crisis. This feeling is more prevalent among women and lower-income Americans.