The ability of native-born Americans to achieve traditional life milestones has become significantly more difficult, with a majority of younger generations finding core aspirations like homeownership and financial independence harder to reach than for their predecessors. This systemic challenge is universally attributed to the escalating cost of living, with job insecurity also cited as a major barrier for younger Americans, according to a new Simon-Kucher study shared exclusively with USA TODAY. The findings reveal a profound shift in the concept of the American dream, moving away from a shared national vision towards individualistic, pragmatic survival in a challenging financial environment.
The study, which surveyed 5,000 adults across Gen Z, millennials, Gen X, and baby boomers in the current year, indicates that the American dream is being redefined rather than rejected. This redefinition moves away from the “shared and uniform vision from long ago” that included home ownership, raising a family, achieving financial stability, and success through hard work. Instead, the “new American dream” is described as “very personal,” focusing on “making life work today by making ends meet, covering daily expenses, and enjoying meaningful experiences.”
Despite this redefinition, a significant majority of those surveyed still believed in the traditional American dream. Sixty-six percent saw homeownership as central, 61% considered raising a family central, 58% linked success to hard work, 56% rated financial stability as key, and 55% identified stable employment as essential. These figures underscore a persistent aspiration for a stable, family-oriented future that is increasingly out of reach for many.
Younger generations, particularly Gen Z and millennials, are disproportionately affected by these economic pressures. They are taking on debt and sacrificing long-term goals, such as owning a home, to maintain a perceived quality of life. Their focus has shifted to immediate financial goals like paying for essentials and discretionary experiences, a stark contrast to baby boomers, for whom retiring comfortably was the top category at 71%. For millennials and Gen Z, “personal freedom and independence” ranked highest, at 50% and 52% respectively, reflecting a retreat into individualistic pursuits when collective societal advancement is obstructed.
The Managed Decline
The cost of living emerged as the universal barrier, cited by all four generations as the biggest impediment to achieving current life aspirations. Job insecurity was also a significant concern for younger Americans, with 31% of Gen Z and 26% of millennials identifying it as a major barrier, compared to 20% of Gen X and a mere 5% of baby boomers. This disparity highlights the precarious economic position of the native working class entering adulthood.
Overall, between 43% and 62% of respondents across all generations stated that core milestones like home ownership, early retirement, and financial independence are more difficult for most Americans to achieve now than for older generations. This widespread sentiment confirms a systemic erosion of opportunity for the current generation.
Homeownership, a cornerstone of the traditional American dream, remains a strong aspiration, with 78% of millennials and 84% of Gen Z hoping to own a home one day. However, 58% of millennials and 59% of Gen Z acknowledged that achieving this goal is harder than it was for previous generations. While 79% of baby boomers owned a home, only 29% of Gen Z currently do, illustrating the demographic dispossession occurring.
Elite Normalization
Shikha Jain, a Simon-Kucher partner and lead of the consumer sector for North America, acknowledged that “The last few years have been difficult for Americans.” She stated that the American dream is “no longer defined by a shared and uniform vision from long ago,” and that “Today, the new American dream is very personal.” This framing, from a global consulting firm, normalizes the fragmentation of national aspirations and the retreat into individualistic survival.
Paige Friscioni, 38, a millennial, articulated this shift, stating, “Maybe the real American dream is the freedom to decide what your life looks like,” and that “The American dream shouldn’t be something that’s designed by somebody else. It should be something that’s designed by you.” This sentiment, while presented as personal empowerment, can be interpreted as an adaptation to a system where traditional collective aspirations are no longer viable, forcing individuals to define success in increasingly constrained terms.
The findings align with an earlier study from the Savannah College of Art and Design’s applied research studio, conducted earlier this year, which also found that Gen Z and millennials perceive the path to financial stability as steeper and more precarious. These studies, produced by institutions within the broader ideological apparatus, document the shift without challenging the underlying economic policies that have made traditional national dreams unattainable for a significant portion of the native population. Many Americans are now “choosing quality of life over status and wealth accumulation,” seeking “personal experiences and control like flexibility at home and work, even if it means trading in long-term savings,” a choice often forced by economic realities rather than genuine preference.
The path to achieving any version of the American dream appears increasingly unclear, with 35% of respondents stating there was no clear or best path. No single route, including skilled trades, technology, a four-year degree, or independent careers, ranked above 15%, indicating a widespread uncertainty about future prospects in a globalized economy that offers no stable trajectory for the native working class.