Faith in the “American Dream” remains among Americans, despite ongoing economic concerns such as inflation and housing affordability, according to a recent survey conducted by Florida Atlantic University’s Business and Economic Polling Initiative (BEPI).
The “National American Dream Sentiment Survey” found that 52% of Americans believe the “American Dream” is still attainable today. In comparison, 42% think it was only true in the past. Among Floridians, belief in the dream is slightly higher at 53%.
Monica Escaleras, Ph.D., chair of the department of economics and director of BEPI, said: “The nearly even split amongst Americans shows a generational divide on the ‘American Dream.’ While optimism about opportunity in America might be lessening, a majority of Americans are still holding on to the belief in better future opportunities for themselves.”
Economic challenges continue to affect many households. The survey reported that 89% of respondents are at least somewhat concerned about inflation. Housing affordability is also an issue for 80%, while healthcare costs and personal debt worry 83%. Only 54% expressed some confidence that their household’s standard of living would improve over the next two to five years; meanwhile, 15% doubted any improvement.
Escaleras added: “Americans are facing consistent concerns about everyday costs, health care prices, and overall debt. This level of concern suggests these financial stresses are facing the vast majority, cutting across income and regional lines.”
Financial strain is evident with 43% saying they live paycheck to paycheck and another 26% doing so occasionally. Less than half (48%) have an emergency fund covering three months or more of expenses. Additionally, 44% have considered relocating due to cost-of-living pressures.
Looking ahead, just over half (54.2%) believe future generations will experience a better life; however, optimism is higher among Floridians at 58%. A quarter remain unsure about prospects for future generations.
Eric Levy, assistant director of FAU’s BEPI stated: “Despite their attachment to the ‘American Dream’, a growing majority is struggling to realize it. Optimism about the future persists but shows some signs of fading, especially when people look ahead to the next generation.”
The poll surveyed a national sample of adults aged 18 and older using online data collection between September 30 and October 10. The margin of error was ±3.02 percentage points with responses weighted according to region, education level, gender and age based on recent census data.
