The study commissioned by MetLife found that, among other causes, the erosion of corporate benefit plans in favor of higher costs to individuals is making the pursuit of the American Dream even more difficult.
Even though a majority of all generations – particularly Baby Boomers and Generation X – say their financial future is at greater risk than in the past, nearly the same number of Americans who say they haven’t achieved the American dream (66%) remains optimistic they still can (67%).
According to the study, 72% of Americans – and a strong majority of each generation – do not expect to have Social Security safety nets and 53% no longer expect to have Medicare. In fact, more than half (53%) of workers say they have had to change jobs – or may need to change jobs in the future – to generate enough income for basic needs and 69% say that if they earned more money they would save most of the additional income rather than spend it.
The survey of 1,500 people was conducted by Strategy First Partners and Penn, Schoen and Berland Associates in November 2006.