The American dream becomes more modest

The 2009 MetLife Study of the American Dream released today showed that work along with the paycheck and benefits is holding together the American dream. The study suggested that 50% of Americans could not meet their financial obligations only one month or less following a job loss, while another 28% wouldn’t survive financially for more than two weeks. 

The American Dream itself, defined by 66% of the respondents as financial security, today puts a much greater emphasis on personal relationships such as family, children and marriage. 44% of Americans surveyed agreed that the economic recession has forced them to reevaluate their priorities in life and they have started placing greater importance on things like personal life and family rather than finances.

Most of the respondents (72% this year up from 67% in November 2006) have showed that they still believe they will be able to achieve the American dream in the long term, while 34% stated they have already achieved it. However, 49% of the latter fear the might not be able to sustain the dream. Another optimistic point that the survey results have shown is that more than eight respondents in ten (83%) agree with the statement that the “U.S. still offers the greatest opportunities in the world for people of all backgrounds to achieve success and happiness.” 

Moreover, the research has found out that the bar for “basic necessities” that has been continually rising is holding steady for the first time with 47% of respondents stating they already have all the possessions they needed against 34% in November of 2006. According to the study Americans still view material goods such as a car, washer/dryer and residential Internet access as necessities, while 81% of them now view vacations (up from 73% in 2006) and 91% of them eating out (up from 87% in 2006) as a luxury. Four in 10 Americans stated they regretted the amount of money they had spent in past. 

Some of the life style changes that Americans are making as a consequence of the economic conditions would be eating at home more often (66%) and shopping more economically, with 39% switching to big box stores and 50% to generics products.