American families increasingly believe the American dream is out of reach, with 42% believing it is no longer possible

American families increasingly believe the American dream is out of reach, with 42% believing it is no longer possible, per FOX.

Read more: https://www.foxbusiness.com/economy/american-families-increasingly-believe-american-dream-out-reach

The most recent State of the American Family survey, unveiled by MassMutual this month, reveals that over 42% of Americans feel the American dream is unattainable. This marks a 9-point increase since 2018 and mirrors sentiments from 2013 during the sluggish recovery from the financial crisis. Amanda Wallace, head of insurance operations for MassMutual, noted the challenges individuals face in balancing daily expenses with short- and long-term financial goals. Factors such as high student loan debt, the absence of an emergency fund, and difficulty covering day-to-day expenses contribute to these concerns.

The survey emphasizes that only 44% of Americans with children are confident they won't live paycheck to paycheck, and 37% believe they can retire at their target age. Financial security for families now tops the list in defining the American dream, shifting from homeownership a decade ago. However, around 70% of Americans with children remain optimistic about achieving homeownership despite changing priorities. Wallace suggests that the historical prevalence of homeownership could be fueling this optimism, while pessimism is influenced by living paycheck to paycheck and the burden of student and credit card debt.