Young people are rejecting boomers' view of the American dream

The 38-year-old said she saw peers check those boxes and find themselves miserable or wanting something else.

"So, maybe the American dream isn't really the house or the job or whatever, the Goldendoodle," Friscioni said on a recent TikTok post. "Maybe the real American dream is the freedom to decide what your life looks like." 

She's not alone; the concept of the American dream was redefined and became less standardized among generations, according to a new Simon-Kucher study shared exclusively with USA Today.

Generations surveyed

"The last few years have been difficult for Americans," said Shikha Jain, a Simon-Kucher partner and lead of the consumer sector for North America.

"The American dream is still alive, but it's no longer defined by a shared and uniform vision …" Jain said. It's about preserving a quality of life that aligns with individual goals, values and personal fulfillment, she said.

Simon-Kucher surveyed 5,000 adults representing Generation Z, millennials, Gen X and baby boomers across varying household incomes.

Most of those surveyed still believe in the "traditional" dream of homeownership, family, hard work, stability and financial progress.

Sixty-six percent saw homeownership as central to the traditional American dream, while 61% said raising a family and 58% said seeing success through hard work were keys to the dream. Fifty-six percent rated financial stability and 55% rated stable employment as key.

Definition evolves

Younger generations define the American dream less consistently, the report said. Key differences include a focus on personal freedom and independence, safety and security, retiring comfortably and financial stability to meet basic needs.

"While baby boomers are retirement-oriented, younger Americans are focused on immediate financial goals like paying for essentials and discretionary experiences," Jain said. "That tension creates trade-offs for Gen Z and millennials who are tacking on debt and sacrificing long-term goals like owning a home to maintain a quality of life in a challenging financial environment."

For instance, the top category for baby boomers (71%) was retiring comfortably, while Gen Xers' top category (60%) was tied with retirement and financial stability (meeting basic needs). The top category for millennials and Gen Zers was "personal freedom and independence," at 50% and 52%.

Pathway varies

The path to achieving the American dream seems to be less clear among respondents.

Thirty-five percent said there was no clear or best path. No one route, such as a career in a skilled trade or technology, a four-year degree or a creative or independent career, ranked more than 15%. Overall, 43% to 62% of respondents said "core milestones" such as home ownership, early retirement and financial independence are more difficult for most Americans to achieve than older generations.

All four generations cited cost of living as the biggest barrier to achieving life aspirations, according to the study. But younger Americans — Gen Z at 31% and millennials at 26% — said job insecurity was a major barrier, compared to 20% of Gen Xers and 5% of baby boomers.

Money still important

While all generations ranked "financial wealth" as their top measure of success, baby boomers (23%) and Gen X'ers (18%) ranked material possessions second while millennials and Gen Zers ranked "freedom over your time" as second (tied at 16% for both).

Homeownership desired

Homeownership still ranked high among all generations; 79% of baby boomers said they owned a home, while 64% of Gen X, 59% of millennials and 29% of Gen Zers were homeowners.

Among the younger generations, 78% of millennials and 84% of Gen Zers said they hoped to one day own a home. But 58% of millennials and 59% of Gen Z respondents said it was harder than previous generations.

Stability sought

The findings are similar to another study of the American dream this year by the Savannah College of Art and Design's applied research studio.

In that study, Gen Z and millennials said they felt the path to financial stability is "steeper and more precarious" than it was for past generations and the dream felt "outmoded or distant."

Financial security became the most important aspect for young respondents.

Living the dream

Friscioni, a millennial who lives in Detroit, believes she has reached the American dream, but it wasn't the one ingrained in her as she grew up. She traveled around the world after high school, has a Gen Z daughter and bought a house at a young age, but said she always felt judged by others.

"The American dream shouldn't be something that's designed by somebody else," said Friscioni, who owns a business selling designer toys. "It should be something that's designed by you."