Financial Security is the Defining Element for All Generations

MetLife, Mar 07, 2007

Washington, DC.– A new study commissioned by MetLife reveals that the American dream is still alive yet the erosion of corporate benefit programs and social safety nets has put pursuit and attainment of the dream at great risk. The MetLife Study of the American Dream reveals that the dream is being propped up by American optimism; while a majority (66%) of Americans feel they have yet to achieve the dream, they remain optimistic about the future and feel it’s still possible to achieve the American dream in their lifetime (67%). The study, unveiled today at a National Press Club briefing hosted by MetLife, a leading insurance and financial services company, reveals that working Americans are deeply engaged in what can be characterized as a "chase" of the dream.

This chase is occurring in an environment where financial burdens are shifting to individuals, and away from the government and employers. Today, Americans are clearly feeling the impact of these increased financial burdens -- the debate about the future viability of government programs such as Social Security and Medicare, declining pensions and the growing affordability crisis -- and they are showing signs of financial stress.

"The financial burden shift is having profound implications on how Americans define and approach the American dream," said Rob Henrikson, chairman, president and CEO of MetLife, Inc. "Where previously the American dream was defined as a combination of homeownership, a happy family life, and financial security stemming from a stable career, the defining theme now is almost a singular desire for financial security."

"With all the forces going against them, the affordability crisis, the bar continually rising and the feeling that the deck is stacked, Americans still want to believe in the dream," added Henrikson.

According to Kevin Phillips, strategic advisor to President Nixon and author of two recent New York Times bestsellers, American Dynasty and Wealth and Democracy, who spoke at the National Press Club event, "The increasing burdens being felt combined with the redefined American dream begin to explain why the traditional macroeconomic indicators –- GDP growth, the unemployment rate, and household income –- no longer strongly correlate with the public’s perception of the economy, or even their personal situation."