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Lisa Miller
The document discusses how the definition of the American Dream has evolved over time from ideals like homeownership, marriage, children, and retirement to incorporate greater financial stability and security. It notes that while the American Dream remains achieving these life goals, many respondents feel increased financial stress and that achieving the Dream is more difficult today due to rising costs of living and raising children. The document concludes by outlining four ways to help consumers achieve the American Dream: building financial literacy; managing complexity; controlling budgeting, spending, and borrowing; and understanding progress through small successes.
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Lisa Miller
- 1. The Evolution ofthe American Dream and Why it Matters for Personal Finances Tom O’Donnell, Chase
- 2. What is the AmericanDream?
- 3.
- 4. Is it: A. Towork less and make more money? 3
- 5. Is it: A. Towork less and make more money? B. To own a house with a white picket fence and have a family with 2.3 children? 4
- 6. Is it: A. Towork less and make more money? B. To own a house with a white picket fence and have a family with 2.3 children? C. To retire with your toes in the sand and the sun overhead? 5
- 7. Is it: A. Towork less and make more money? B. To own a house with a white picket fence and have a family with 2.3 children? C. To retire with your toes in the sand and the sun overhead? 6
- 8. Answer: Probably allof the above. 7
- 9. “The American Dreamis that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement…a dream of social order in which each man and each woman shall be…recognized by others for what they are, regardless of the fortuitous circumstances of birth or position.” -James Truslow Adams, The Epic of America 1931
- 10. What is theAmerican Dream in 2013?
- 11. Respondents defined achieving theAmerican Dream as: 77% 50% 46% 46% Home Purchase Married Children College Education 45% Retirement 10
- 12. Here’s what didn’t rankon respondents’ wish lists: Two Cars New Business 20% 17% 11
- 13. Who can achievethe American Dream?
- 14. Just 20% thinkthat attaining the American Dream is only possible if you’re born wealthy. 13
- 15. Why is itworth talking about the American Dream in 2013 at FinCon?
- 16. Because the outlook onthe American Dream is changing… 15
- 17. When respondents wereasked to compare their economic standing to their parents’ … They reported feeling more prosperous — but also more financially stressed. 16
- 18. Homeownership was the number-one symbolof the Dream today, representing freedom, individuality and success … But consumers are more cautious. 77% 17
- 19. More than halffeel it’s too expensive to raise children in this day and age. How costly? Three out of 5 believe that you need dual incomes to make ends meet. Two out of 5 have delayed having children because of their financial situations. 18
- 20. One respondent feelsit’s too expensive to raise his two children and looks forward to the day when they are finally off the family payroll. Child 1 Child 2 I mean, not that said respondent doesn’t unconditionally love his children and all that. 19
- 21. While retiring at65 remains a core component of the American Dream, reaching that goal is a roadblock for respondents. More than a third feel that it’s not possible today to save enough for retirement. 20
- 22. And while theDream is still alive … There are those stressors. 21
- 23. Perhaps because ofthe complexity of finances. “Complexity” refers to the ability to comfortably and confidently make financial decisions. 22
- 24. 31% said theirfinancial life is very complex. Of those who say their financial health has improved since the recession, 43% say the complexity of their finances has decreased. 23
- 25. How can Americansmake sure that their Dream is still alive and well?
- 26. Four ways tohelp consumers achieve the American Dream: 25
- 27. Build and maintainliteracy. Source: Chase Blueprint/Aite research 26
- 28. Build and maintainliteracy. Seven of 10 consumers whose financial life improved used at least one source of financial help. Start with the products you already have because… Source: Chase Blueprint/Aite research 27
- 29. Understand and managecomplexity. Sources: Chase Blueprint/Aite research, Chase Blueprint research 28
- 30. Understand and managecomplexity. The goal is feeling comfortable and confident making your financial decisions. Consumers want: – Control – Simplicity – Predictability Sources: Chase Blueprint/Aite research, Chase Blueprint research 29
- 31. Manage budgeting, spendingand borrowing. Sources: Chase Pulse of the Consumer research; “Born to Spend” research 30
- 32. Manage budgeting, spendingand borrowing. Consumers saved more during the downturn. Now they are feeling more confident, so… can good efforts become habits? Sources: Chase Pulse of the Consumer research; “Born to Spend” research 31
- 33. Understand progress and experiencesuccess. Sources: Chase Blueprint analysis and research 32
- 34. Understand progress and experiencesuccess. People are more likely to commit to the goals that they set for themselves. Once you taste success… Sources: Chase Blueprint analysis and research 33
- 35. Four ways tohelp consumers achieve the Dream: Build and maintain literacy. Understand and manage complexity. Manage budgeting, spending and borrowing. Understand progress and experience success. 34
- 36.
Editor's Notes
- #10 Shortened the quote