Rethinking the American Dream: College and University Degrees.
High school students and their parents are weighing the benefits of colleges and universities.
Paige Fricioni heard about the “American Dream” growing up. The idea was to go to college, work hard, buy a house, have kids and a dog, and live comfortably until retirement.
But Friscioni, 38, said that as she’s gotten older, she’s seen her colleagues check those boxes and find themselves miserable or wanting something else.
“So maybe the American Dream isn’t really a home or a job or anything, it’s a Goldendoodle. Maybe the real American Dream is the freedom to decide what your life will be like,” Friscioni said in a recent TikTok post.
She’s not the only one who thinks so.
The concept of the American Dream is being redefined and becoming less standardized across generations, according to a new Simon Kuchar study shared exclusively with USA TODAY.
new american dream
“The last few years have been difficult for Americans,” Shikha Jain, partner and North American consumer sector leader at Simon Kuchar, told USA TODAY.
“The American Dream is still alive, but it is no longer defined by a common, unifying vision of the past, aspirational homeownership, raising a family, achieving financial security, and being characterized by hard work,” Jain said. “Today, the new American Dream is deeply personal and represents making life work today by making ends meet, meeting daily expenses, and enjoying meaningful experiences.”
The American Dream, she said, is about maintaining a quality of life that aligns with personal goals, values, and personal fulfillment.
Simon-Kucher surveyed 5,000 adults representing Gen Z, Millennials, Gen X, and Baby Boomers with varying household incomes..
The majority of those surveyed still believe in the “traditional” “American Dream” of homeownership, family, hard work, stability, and economic advancement.
66% believe homeownership is central to the traditional American dream, 61% said raising a family and 58% said achieving success through hard work is key to their dream. 56% rated financial stability as key, and 55% rated stable employment as key.
Generational differences regarding the American dream
The definition of the American Dream is inconsistent among younger generations, the report says. They are more connected to the idea, and change is not rejection but redefinition.
The definition of an individual is becoming less universal, especially among younger generations. The main differences include a focus on personal freedom and independence, safety and security, a comfortable retirement, and financial security to meet basic needs.
“Baby boomers are focused on retirement, while younger Americans are focused on immediate financial goals, such as paying for necessities and free experiences,” Jain said. “That tension creates trade-offs for Gen Z and Millennials, who are taking on debt and sacrificing long-term goals like homeownership to maintain quality of life in a difficult economic environment.”
For example, the top category for baby boomers (71%) was retiring comfortably, while the top category for Gen X (60%) was tied to retirement and financial security (meeting basic needs). The top categories for both Millennials and Gen Z were “personal freedom and independence” at 50% and 52%.
There are many paths to the American dream.
The path to achieving the American Dream appears to be less clear among respondents. 35% said there was no clear or best path. No route exceeded 15%, including a career in a skilled trade or technology, a four-year degree, or a creative or independent career. Overall, 43% to 62% of respondents said “major milestones” such as homeownership, early retirement, and financial independence are harder to achieve for most Americans than for older generations.
The study found that the cost of living is a universal barrier, cited by all four generations as the biggest barrier to achieving their current life aspirations. However, younger Americans (31% of Gen Z and 26% of Millennials) say job insecurity is also a major barrier, compared to 20% of Gen X and 5% of Baby Boomers.
Money is still important
Money and wealth still mean success for many Americans, but there are generational differences, the report says.
While all generations cite financial wealth as their primary measure of success, baby boomers (23%) and Gen
“Many Americans choose quality of life over status and wealth accumulation, seeking personal experiences and control such as flexibility at home and at work, even if it means taking away long-term savings,” Jain said.
Owning a home is still desirable
Home ownership rates continue to rank high among all generations as part of the “American Dream.”
79% of baby boomers said they owned a home, as did 64% of Gen X, 59% of Millennials, and 29% of Gen Z.
Among younger generations, 78% of Millennials and 84% of Gen Z say they want to own a home someday. However, 58% of Millennials and 59% of Gen Z said it was harder than previous generations.
Younger generations want stability
The results of the Simon Kuchar study are similar to another study on the American Dream conducted earlier this year by the Savannah College of Art and Design’s Applied Research Studio.
As previously reported by USA TODAY, the survey found that Gen Z and Millennials say the path to financial security is “rockier and more precarious” and that their dreams feel “outdated or distant” compared to past generations.
For young respondents, financial security was the most important aspect of the American Dream.
Redefining the American Dream
Fricioni, a millennial living in Detroit, believes she achieved the American dream, but it wasn’t something that was ingrained in her growing up.
“I did everything in reverse,” Friscioni told USA TODAY. Although she traveled the world after high school, has a Gen Z daughter, and bought a home when she was young, Friscioni said she always felt judged by others.
“The American Dream can’t be someone else’s design. It has to be your own design,” said Friccioni, who runs a designer toy business.
“The American Dream is no longer perfect. The real American Dream is about deciding who you want to be,” she said.
Betty Lin-Fisher is a consumer reporter for USA TODAY. Contact her at blinfisher@USATODAY.com or follow her at @blinfisher on X, Facebook and Instagram and @blinfisher.bsky.social on Bluesky.. Sign up for our free The Daily Money newsletter, breaking down complex consumer and financial news. Subscribe here.
