Confidence in the American Dream Rises with Age

Why are older Americans more confident that the American Dream is achievable?

A new Pew poll caught my eye over the weekend. It found that the share of respondents who say that the American Dream is possible for people to achieve increases with age. Thirty-nine percent of people ages 18-29, 43 percent of those ages 30-49, 61 percent of 50 to 64 year olds, and 68 percent of those over 64 believe the Dream is achievable.

What explains this pattern? One guess: The Dream is objectively achievable, but people starting out their lives are uncertain about whether they can achieve it. Concern about the death of the American Dream might reflect uncertainty, which naturally breeds anxiety, rather than anything concrete (like, say, falling manufacturing employment or large student-loan balances).

As anyone who has navigated their 20s and 30s can attest, uncertainty about the future is very real. It is understandable.

But young people, do not be unduly burdened: Empirically, the American Dream is not dead.