Economic events of the past several years have dramatically changed us as a nation.
A new survey examining the way we perceive happiness and success sheds light on just how different our point of view on life has become.
The 2011 MetLife Study of the American Dream found that challenging times have not yet killed off belief in the idea that if you work hard you can achieve financial security, success happiness. We just have to work harder and longer to get there.
However, now a new American Dream is emerging. It is realized in a different way, and it focuses on things that are quite different from the typical picture of a fulfilled life in the USA.
This is the fifth time MetLife has conducted its study on the American Dream. Researchers questioned more than 1,400 people and examined responses from different ethnicities as well as the four adult generations: The Silent Generation, Baby Boomers, Generation X and Generation Y.
Importance of the American Dream
The study found that 41% of those surveyed still think achieving the American Dream in their lifetime is “very important.” But twice that many (82%) believe it is at least “somewhat important.” Pursuing the Dream became more important for younger generations with more of their life ahead of them.
Just 14% of the Silent Generation (those born between 1920 and 1945) felt achieving the dream was “very important” while 55% of Gen Y (born between 1978 and 1993) felt that way and 89% felt it was at least “somewhat important.”
One-third of Baby Boomers (born between 1946 and 1964) and 42% of Gen X respondents (born between 1965 and 1977) described achieving the American dream as “very important.”
What Makes Up the American Dream?
If you could paint a picture of what the stereotypical American Dream might look like – a lot of us may have painted the perfect loving family with good jobs, a nice car and a house in the suburbs.
But according to the MetLife study, the factors that lead to the ideal American life are no longer the answers you might expect.
Researchers asked participants if it was possible to achieve the American dream without certain “traditional markers.”
For instance, around 70% of all generations said it was possible to achieve the American dream without being married, having children or being wealthy. 59% said it was possible without owning a home, and 65% said it was possible without having a college education.
The study concludes people of all ages no longer consider these things as “prerequisites to realizing the American Dream.
It’s interesting to note that Baby Boomers had the highest percentage of respondents who said it was possible to achieve the American Dream without being married or having children – 77% and 74% respectively.
How the Great Recession Changed Our Points of View
Just because the vision of new American Dream doesn’t have to include family – that doesn’t mean Americans do not view relationships with family and friends as unimportant. In fact – the opposite is true.
The MetLife study revealed that the vast majority of all Americans see relationships and personal fulfillment as more important than material wealth. Participants were asked which of the following statements was closest to their point of view:
- “The current economic situation in this country has caused me to reevaluate my priorities in life and place greater importance on relationships in my personal life and family rather than material possessions.”
- “Recent economic events have reinforced the importance of material possessions and my career over my family and personal life.”
For all generations, between 80% to 90% of those questioned placed a higher priority on relationships and family. That may not be surprising. You have to consider the fact that people taking surveys often give what is considered the right or socially acceptable answer rather than the truth.
It’s somewhat hard to believe that we suddenly lost our addiction to consuming. The recent record-setting Black Friday shopping numbers could be considered evidence that we have not learned our lesson when it comes to overspending. But perhaps we’re learning that stuff is not what ultimately makes us happy – even if we do still want it.
Another finding from the MetLife study backs up that idea. Close to three-quarters of those surveyed say they already have what they need to get by, and believe it will stay that way. Once again, participants were asked which statement best reflected their point of view.
- “I feel like the bar is constantly rising in terms of the basic necessities of life.”
- “I already have what I need; the necessities in my life will always remain constant.”
In January of 2008, months before the recession would take hold, 65% of those questioned for the annual MetLife survey felt like they already had the bare necessities. That number dropped sharply in January of 2009 to 53%. Then it climbed back to 58% in April 2010.
Now, in October of this year, 74% of those questioned feel like they are able to meet the basic needs in their life. That’s despite the fact that many Americans continue to struggle in this sluggish economy with high unemployment, lower wages and financial insecurity.
The MetLife study concludes that:
“Achieving the Dream has become less about money than it has about living a fulfilling meaningful life. As that vision has shifted, the notion of ‘keeping up with the Joneses is eroding. “
Whereas the old vision of the somewhat mythical American Dream used to be “a chicken in every pot and a car in a every driveway” the MetLife study sees the new American Dream as much more individual rather than collective. It’s about reaching personal goals instead of opportunities for everyone in our society. The study describes this as a DIY (do-it-yourself) American Dream.
This type of dream still requires hard work and perseverance – perhaps now more than ever. And chasing the American Dream still includes the concept this nation’s founding fathers believed to be so important…
We are “endowed by our Creator with certain unalienable Rights that among these are Life, Liberty and the Pursuit of Happiness. ”
Your Turn!
What does the American Dream mean to you? Do you believe it still exists? Leave a comment and tell us more!
In another view on the American Dream – an ABC/Yahoo! poll found that 43% of of those surveyed think that dream no longer holds true.
You can also read the entire 2011 MetLife Study of the American Dream when you Download a PDF for free from MetLife’s website.
Image Credit: grngobstpr & ttumlin
+Kasey Steinbrinck writes regularly on personal finances and the U.S. economy for Check Advantage. Visit them today and view their most popular checks including a big collection of Classic Checks as well as Patriotic Checks. Contact Kasey to request free content for your website or blog.