The American Dream Revisited

The American Dream Revisited
Copyright © 2009 Liberty Publishing, Inc. All Rights Reserved.

If American heroes are created by the desires of its people, Joe DiMaggio fits the bill. He brought America’s favorite pastime to new heights, while playing for America’s legendary New York Yankees. His 56 consecutive-game hitting streak was among the most memorable in baseball history. Indeed, this son of Italian immigrants had made a profound and lasting impact on war-weary Americans. In short, he personified the American Dream, reaffirming America as one of the few places in the world where hard-working, determined individuals can utilize their natural talent to build a better life for themselves and their families.

Later, during the turbulent 1960s, Simon and Garfunkel spoke for Americans everywhere as they melodiously inquired:

"Where have you gone, Joe DiMaggio, our nation turns its lonely eyes to you. . ."

But Joltin’ Joe hadn’t gone away, the inspiration he imparted had faded from public consciousness. Suddenly, there was nothing to fill the void. What had become of the American dream?

Today, the precariousness of the economy has had a similar impact on our vision of the American dream. But, the 2009 MetLife Study of the American Dream finds that the dream remains very much alive. The focus, however, has shifted to embrace the more personal elements of hearth and home. For those still pursuing the dream, the journey has grown difficult, and the terrain has changed. Of those who have already attained the dream, many are now concerned about the possibility of it slipping away. The ability to sustain the dream, the study shows, has become as essential as initially achieving it.

For countless Americans, dreams of a better future have been put on hold for more pragmatic concerns, like surviving the current economic storm. In contrast to past economic downturns, no social, generational, economic, or ethnic group has been immune to the current financial upheaval. While the bar for more and better material possessions had been rising for some time, this year, for the first time since MetLife fielded the study, evidence indicates that the bar is holding steady. In fact, nearly half (47%) of all consumers, and 66% of those born before 1946, say they already have all the possessions they need, up from 34% in November 2006.

Still, 66% of Americans believe that financial security is the defining element of the American dream, with 56% saying that recent economic events have reinforced the importance of financial security, and that they value that more than ever before. What’s more, the study reveals that the focus of the dream has shifted to include family, marriage, and children, rather than focusing solely on finances. With this new focus on family and saving for the future, America remains an optimistic nation; 72% believe it’s still possible to achieve the dream in their lifetime.

For those in pursuit of the American dream, another major shift involves work: rather than focusing on job mobility, many are now focused on job stability. More than half (56%) of Americans are concerned about losing their job in the next year as a result of the economic downturn. In fact, 50% of Americans said that if they were to lose their job, they would only be able to meet their financial obligations for one month, even though most of them believe that they are working hard or harder than ever to get by.

Gone are the days of training for a career, keeping that career for decades, and then retiring on a company pension. Over time, the responsibility of saving for the future has shifted to the employee. This financial burden shift has spurred Americans across cultures and generations to recognize the need for a more proactive approach to their personal finances.

INTENT to ACTION

According to the MetLife study, many Americans have moved from "intent" to "action" in striving to secure their financial future, with 68% of Americans indicating that the current economic situation has been a loud "wake-up call." The survey cites financial education as a primary step many Americans are taking to cope with the financial crisis. One third of Americans say they have recently taken steps to educate themselves on financial topics, and 43% plan to take this step.

Americans began 2009 with a renewed understanding of the importance of personal financial safety nets. In response to uncertainty about corporate and government benefits, 76% plan to create their own personal safety nets.

For most Americans (78%) a personal safety net means more than just a reserve of cash. It includes other financial and protective measures such as insurance and retirement savings. Many Americans currently have auto insurance (60%), health insurance (57%), life insurance (46%), homeowner’s insurance (45%) and retirement savings (40%). Moreover, 81% believe having a personal safety net is more important today than a year ago, and 74% say they don’t feel they have an adequate safety net.

Undoubtedly, the country has sustained major changes that will likely have a lasting impact on how Americans view, pursue, achieve, and sustain the dream. The 2009 MetLife Study of the American Dream has demonstrated that many are finding opportunities within the current economic climate to refocus their priorities and take action to secure their personal version of the American dream. In the words of that long-ago American hero, Joe DiMaggio, "If you keep thinking about what you want to do or what you hope will happen, you don’t do it, and it won’t happen."

Despite its current challenges, the United States is still perceived by most Americans to offer the greatest opportunities in the world for people of all backgrounds to achieve success and happiness. As we emerge from this economic crisis, that unwavering spirit of optimism may well be one of our greatest assets. Consult with a financial services professional to begin building your personal safety net or enhancing the one you already have in place. With proper planning and guidance, the American dream remains a viable destination.

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