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With the holiday season approaching and a new year on the horizon, more households believe that the American dream is out of reach than five years ago, according to a new survey.
The latest State of the American Family survey released by MassMutual this month found that more than two in five Americans, or 42%, believe the American dream is out of reach. That is a 9-point increase relative to 2018 and similar to the survey’s findings in 2013, when the U.S. economy was in the midst of a sluggish recovery from the financial crisis and Great Recession.
«With many people struggling to find a balance between their day-to-day expenses and their short-term and long-term financial goals, it is no wonder that many are questioning if achieving the American Dream, however they define it, is possible,» Amanda Wallace, head of insurance operations for MassMutual, told FOX Business.
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More than two in five survey respondents to the MassMutual survey expressed that the American dream is out of reach. (Photo by SAUL LOEB/AFP via Getty Images / Getty Images)
«Today, the need for financial security is high and there are real challenges for many families, such as high student loan debt, the lack of an emergency fund, and hardship in covering day-to-day expenses,» she explained. «At the same time, many have opened their families to others to help nurture happy, secure lives, which over time may influence how many families redefine the American Dream.»
The survey found that only 44% ofRead more on foxbusiness.com