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The American Dream Gets Downsized
Investing in memories // Illustration by Kate Walker
The new American Dream is simply to “enjoy life.”
The Big Picture: Sky-high housing costs, an unpredictable economy, and a topsy-turvy job market have made the traditional American Dream feel out of reach for many. By putting a premium on experiences, people may be signaling that the idea of the American Dream could use a cultural rebrand — American Memories, perhaps?
Between The Lines: The American Dream is getting simpler.
A SoFi Technologies survey found that 6 in 10 Americans consider being able to enjoy life the clearest sign of financial progress.
That’s a lot more than the 27% who said owning a home was indicative of financial progress — a milestone that now seems far out of reach for most.
In fact, 72% say they’re “willing to make slower progress on financial goals to spend time with family, take vacations, and prioritize meaningful experiences,” per Bloomberg.
For example, about a third of survey respondents took on debt to pay for an event. Roughly the same number agreed to a trip, gift, celebration, or other activity they couldn’t really afford.
Closing Thoughts: While Americans are reclassifying the American Dream, they aren’t totally giving up on it. Gen Z, in particular, has gotten into investing much earlier in life than previous generations… mostly because they’ve had to be more intentional about it. That means 401(k)s, prediction markets, Roth IRAs, and crypto are all fair game. Unlike previous generations, something as simple as a pension is basically gone.
But even though Gen Z (and millennials) say retiring comfortably is an important financial goal, only 46% say they believe they’ll reach it. So yeah, maybe go ahead and buy that latte. It’s YOLO all over again.
The Future: Prepare for the focus on enjoyment to influence what kinds of houses Americans make for themselves in the future — humble places that fuel hobbies instead of competition with the Joneses.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.