The American Dream According To Millennials

The American Dream According To Millennials

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2017-02-06

A recent study gave some very interesting insights into the minds of the generation know as Millennials, especially with regards to money and The American Dream. 

Some key findings illuminated their attitudes towards a number of things. Here are some highlights:

Helping Others

Only 22% of Millennials considered helping others as a valued part of their American Dream. This percentage is the lowest reported among any age group.

Money Conscious

Millennials were the group that placed the most importance on having a job that paid well, with 46% saying that was crucial to their attainment of the American Dream. 

While most everyone wants to attain financial security and maintain a work-life balance,
Millennials are just more "direct" than others about their future and pressuring employers for
better wages.

Luxury

Millennials placed the most importance of the age groups polled on luxury items, with 32% saying having luxury items were crucial to their attainment of the American Dream. 

The 30 and under set valued traveling to other countries, owning a nice car, having the latest technology, and belonging to exclusive organizations.

In a world moving dramatically toward technology, this isn’t all too surprising and is possibly evidence that Millennials seem to value luxury items because they're optimistic about the future.

Children

Millennials were the most likely among the age groups to value having children, with 20% saying this was an integral part of their American Dream. 

While the fact that more Millennials placed greater importance on having kids is interesting, it might not translate into their actually having children.

Optimism of Youth

In keeping with the stereotype of Optimistic Youth, Millennials believe that they will attain the American Dream more than any other group. Of those polled, 31% said they thought the American Dream was alive and well. Participants between the ages of 51 and 64 were the least optimistic about this at only 17%. 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Jake Mendlinger
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Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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