We’re all chasing the American Dream. Many of you spend your entire lives working for it. But a new survey says many of your kids doubt they will ever get to where you’re at right now.
According to new numbers, over 60% of millennials think the American Dream is unattainable. Financial planner Bill Dendy told KTRH there's good reason for that.
“They were faced with economic crisis from the day they graduated college. They couldn’t find jobs. They’ve had to pay off student loans that were some of the highest we’ve ever seen,” Dendy said.
Dendy says it’s a big concern for planners like him.
“Perception becomes reality for a lot of folks,” Dendy said, adding that millennials are simply not used to having to go through financial struggles.
“They’ve had hurdles to overcome that previous generations didn’t. That’s causing a more pessimistic outlook,” Dendy stated.
But Dendy also says this could wind up benefitting them in the future because they will be forced to learn how to be financially responsible.
“Starting off knowing they have a lot to handle might actually give them a better position long term than other generations,” Dendy explained.
However, 63% of those young adults told the survey that today's children won't wind up being better off than their parents are.