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The Independent Center polled Millennials and Generation Z in October and asked a series of questions about the American Dream. This cohort of likely voters under 45 made it clear that the American Dream is alive and well – but most of their parents wouldn't recognize it.
While Millennials and Gen Z largely agree on the importance of pursuing the dream, their responses indicate they're forging a new path to a new destination. First, the agreement: 73 percent of respondents said the American Dream is important to them. The consensus wanes, however, when we asked about the dream itself. Only around half said the idea of the American Dream is still relevant today. Likewise, about half said that the American Dream is an outdated concept.
Why is that? Seventy percent believe "Personal fulfillment is more important than material success in today's American Dream." There it is—a new American Dream for a new generation of Americans.
To tease out this difference in vision, we asked respondents to compare their generation to their parents' and grandparents' generations. These responses help us understand why young people felt they had no choice but to update the American Dream.
Around two-thirds of respondents said it was easier for Boomers and older folks to become homeowners, have a family, and feel secure in retirement. In other words, the house with the white picket fence, 2.5 children, and a secure pension was the old dream.
The numbers broke the other way when we asked the under 45s about starting a business, becoming an entrepreneur, making money, and volunteering to help your community. Millennials and Gen Z believe it is easier for their generation in those areas.
Given that most young folks grew up with the Internet and are accustomed to walking around with a supercomputer, their entrepreneurial attitudes make sense. The barriers to becoming a business owner and the power of gatekeepers have never been lower. The idea of asking permission to do your own thing is utterly alien to a generation with laptops and an Internet connection.
The overarching takeaway from the American Dream section of our Millennial and Gen Z survey is, like so many goods and services in today's world, the American Dream is more "choose your own adventure" than one-size-fits-all.
The under 45s have grown to view choice as a lifestyle. They're accustomed to innovation and technology that enables them to personalize their lives. Uber, Amazon, Zoom, Instacart, DoorDash, and Coinbase are the means to an a la carte life.
For example, these folks exercise the choice to receive groceries when they want, earn a degree from any university anywhere in the world, and work remotely from wherever fits their needs.
Take solace, Mom and Dad, Grandma and Grandpa - the American Dream is as important as ever; it's just been updated to fit the landscape of a new world. The old blueprint doesn't work anymore. College is too expensive, homeownership is out of reach, families start later (if at all), and pensions don't exist.
Millennials and Gen Z have adapted the dream to reflect this reality. Unlike previous generations, Millennials and Gen Z are empowered to self-author their biographies thanks to the annihilation of gatekeepers, the free flow of information, and ubiquitous can-do attitudes.
Rather than complain that finding a job is more challenging, young folks simply create their own jobs. If one job won't cut it, they learn the art of the side hustle. If homeownership seems out of reach, they learn the art of remote work and move from short-term rental to short-term rental through apps like Airbnb. Still, others find it makes more sense to be the Airbnb as a side hustle in order to afford that seemingly out-of-reach house.
This kind of resilience and creativity is standard among today's young people. Maybe we should call Millennials and Gen Z the "Horatio Alger" generation.
But they would likely have to ask their parents or grandparents who that was.
