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Still Daring to Dream
Wall Street Journal Online by David Wessel - February 4, 2007

The public’s economic mood has darkened substantially in the past year, but faith in the American dream persists, according to a new survey of 800 Americans by MetLife Inc., the big insurance company.

MetLife said 85% of individuals believe the U.S. economy is headed in the wrong direction now, up from 64% a year ago, and roughly half of those surveyed expect the 2008 economy to be worse than the economy of 2007. Yet 85% expect their own financial situation to be about the same or better, a phenomenon that also shows up in other public opinion polls.

“There is a strong, almost unflappable, desire to achieve the American dream, which hasn’t dampened even given today’s economic realities,” said Beth Hirschhorn, MetLife senior vice president and chief marketing officer. About 37% of all those surveyed said they believe they have achieved the American dream –- which a majority define as financial security.

Over the past year, the company said, the survey has picked up a significant increase in the fraction of Baby Boomers who report achieving the American Dream — up 8 percentage points from last year’s survey to 40% today. Even among Americans who say they haven’t achieved the American dream, three-quarters say it’s possible they will do so in their lifetimes.

Yet slightly more than half –- 52% — believe they are carrying more financial burden for their families than their parents’ generation did, and 72% fear such financial burdens will lesson the ability of their children’s and grandchildren’s generations to lead a comfortable life.

MetLife’s second Study of the American Dream was conducted in online interviews between Jan. 4 and 6, 2008, by Strategy First Partners and Penn, Schoen and Berland Associates. More details will be posted at www.metlife.com.

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