Gen Z, Millennials, Gen X & Boomers Have Completely Different Ideas Of What The American Dream Means
Rawpixel.com | ShutterstockThe American Dream, a term coined in the 1930s, is simply a recipe for success that centers on hard work resulting in growth and stability. However, the variables that make up the peak in welfare are not set in stone, especially when it comes to different generations.
The original dream was to own a picturesque house with white picket fences, get married, and have children. Settling down was something that not only felt comfortable for Americans, but was the ultimate goal. Now, as new ideas of success take shape, generations don't entirely agree on what constitutes the perfect life. They also don't necessarily agree on what is achievable.
Each generation has a different vision of the American Dream, shifting the focus from marriage to the pursuit of happiness:
Boomers
For boomers, the American Dream was achievable. For most, their parents set an understanding of what it meant through example. This was around the same time that owning a small house was still considered middle-class, and having a car still made you well-off.
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These values carry into their portrayal of what personal success is. According to a 2018 survey conducted by Bank of the West, the top two priorities that boomers focused on in their later years included retiring comfortably, which 73% were able to do, and homeownership, at 68%.
Boomers are keen on living a comfortable life, preferring a sense of security over exploring interests. Their idea of the American Dream revolves around family, with the goal once being to have children, and now the prospect of grandchildren. More important than that is the security of a financially stable retirement.
Gen X
When it comes to Gen X, they have similar ideas about the American Dream to boomers, but with a more realistic lens.
In the same study, 59% of Gen X respondents claimed that homeownership is one of the key values within their idea of success. This also aligns with a Simon-Kucher study, which ranked comfortable retirement as the top priority, at 60%.
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However, one feature that differs from boomers' responses is the idea of financial stability, tied for first with retirement at 60%. The generation sees meeting basic needs as living the dream, rather than having exorbitant luxuries.
If their car payment or mortgage is paid off, then they're more likely to feel comfortable in their success and confidently say they've reached a peak.
Millennials
This generation views success in two ways: freedom and financial well-being. They hope to live a fulfilled life by exploring their interests and having the ability to choose the path best fit for them.
Since many millennials are facing crippling student debt right now, they hope to finally resolve any payments left. Once this is complete, 47% reported that the pursuit of passions is important to achieve the American Dream.
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This is a major jump in comparison to the older generations, with 29% of Gen X and 27% of boomers stating that freedom over their time was important to them.
Many millennials, in contrast to boomers, have regretted purchasing a home. 68% of the generation expressed that they had doubts about their homeownership after being saddled with a mortgage.
Gen Z
The younger generation feels much less comfortable with the prospect of the American Dream, and a lot of that has to do with the economy. Like millennials, they are much more focused on freedom, giving up the idea of owning a home in order to achieve basic happiness in this economy.
Within Gen Z itself, though, there is still disagreement on what achieving success looks like. Gen Z men prioritize marriage (43%) and kids (46%), reflecting a more traditional outlook on the American Dream.
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However, Gen Z women are the ones who report financial stability (77%), freedom to pursue passions (66%), and dream jobs (50%) as important and reachable goals. That's mostly because they have prioritized education and career over marriage and family.
It seems that even though there has been a shift in mindset about the American Dream, some are still comfortable with the original, cookie-cutter definition. Yet, many are more focused on setting aside the desire for material possessions and defining success by happiness rather than money.
Gabrielle Mattes is a writer working towards a Creative Writing degree. Her focus is lifestyle, wellness, human interest, and relationships.
