The survey reveals a lukewarm belief in the American Dream across all age groups that hard work and sacrifice can lead to home ownership and upward mobility.

WORTHINGTON, OHIO, UNITED STATES, May 21, 2024 /EINPresswire.com/ -- Is the American Dream Fading? In a groundbreaking survey conducted in May 2024, Prosper Insights & Analytics has tapped into the pulse of 8,580 U.S. consumers, unveiling a significant shift in attitudes towards the American Dream. The results paint a picture of a nation grappling with doubt and uncertainty, as less than half of both younger and older Americans believe that hard work and sacrifice can still yield the rewards traditionally associated with the American Dream.

The following question was asked as part of Prosper’s monthly Consumer Intentions & Actions survey:
Do you believe the American Dream that says if you work hard and sacrifice you can achieve home ownership and upward mobility today?

For US Adults 18 and older:
29.0% Disagree/ Strongly Disagree
33.9% are Uncertain
37.1% Agree/ Strongly Agree

Key Findings:
• A National Reckoning: The survey reveals a lukewarm belief in the American Dream across all age groups, with neither younger nor older Americans reaching a 50% agreement that hard work and sacrifice can lead to home ownership and upward mobility.

• Generational Disillusionment: The marginal difference in belief between older and younger adults suggests a broad generational disillusionment with this once foundational belief.

• The Age of Uncertainty: A significant percentage of respondents across age groups remain uncertain, reflecting ongoing concerns about economic conditions and the feasibility of achieving traditional success.

Economic Implications:

• Consumer Confidence and Spending: The widespread skepticism about the American Dream could dampen consumer confidence and restrict spending, potentially slowing economic growth and recovery.

• Workforce Dynamics: This skepticism might also influence workforce engagement and productivity, as individuals may be less motivated to invest in career advancement or education if they feel the outcomes are not guaranteed.

• Policy and Planning: The survey results underscore the need for policies that address economic disparities and promote realistic pathways to upward mobility, ensuring that the American Dream evolves to remain relevant and attainable.

The survey results have been ranked by different segments of consumers including:
• Men
• Women
• Gen-Z
• Millennials
• Gen-X
• Boomers
• Income <$50K
• Income $50K-$100K
• Income $100K+
• Black
• Hispanic
• White
• Business Owners
• Democrats
• Republicans
• Independents

Click here for the table of results.

Expert Commentary:
Phil Rist. EVP-Strategic Initiatives at Prosper Insights & Analytics, commented on the findings, “The American Dream has traditionally been a driving force for economic aspiration in the United States. However, our findings indicate a significant shift, with widespread skepticism about its attainability in today’s economy. This presents a critical challenge for policymakers and business leaders to revitalize this dream in a way that aligns with modern economic realities.”

Potential Economic Risks:

• Stagnation of Innovation: If the belief in upward mobility wanes, it could lead to a decrease in entrepreneurial endeavors and innovation, which are key drivers of economic growth.

• Income Inequality: The skepticism could exacerbate income inequality, as those who do not believe in the American Dream may be less likely to pursue opportunities for advancement.

Conclusion:
The survey from Prosper Insights & Analytics calls for a reevaluation of what the American Dream should represent in the 21st century. Crafting policies that rejuvenate faith in this ideal will be crucial for maintaining social cohesion and economic dynamism.

About Prosper Insights & Analytics:
Prosper Insights & Analytics is a leader in US consumer intelligence, offering 22 years of comprehensive zero-party data on behaviors, motivations, psychographics, and future spending plans. Our cutting-edge analytics transform this data into actionable insights, enabling marketers, corporations, and investors to anticipate trends and respond proactively, gaining a competitive edge in their industries.

Phil Rist
Prosper Insights & Analytics
+1 614-846-0146
info@goprosper.com

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