Dream or delusion? Poll reveals sharp split on views of the American Dream

In a stark reflection of the nation's growing economic divide, a new Pew Research Center survey has found that a significant portion of Americans now believe the once-attainable American Dream is slipping away.
The poll, which surveyed 8,709 U.S. adults, revealed that while 53% still believe the American Dream can be achieved, a sobering 41% feel it is now out of reach. Pew Research let respondents interpret the American Dream for themselves.
Younger and lower-income Americans were most likely to see the dream as a delusion, highlighting the generational and economic fault lines that have come to define the modern American experience.
A staggering 68% of adults aged 65 and older believed the dream was still achievable, compared to just 42% of those under 50.
This generational divide suggests that the American Dream may be losing its luster among younger Americans who have grown up in an era of economic uncertainty and diminished opportunities.
Lower-income Americans less likely to believe
It also seems the size of your paycheck may determine how achievable you believe the American Dream to be.
The survey found only 39% of lower-income Americans believed the dream is still achievable, compared to 64% of upper-income Americans—a staggering 25-percentage point gap.
That highlights the profound impact of economic inequality on the nation's collective aspirations. Middle-income Americans fell in between, with 56% viewing the dream as attainable.
Similarly, while 68% of adults aged 65 and older and 61% of those aged 50-64 believed the dream was within reach, only 42% of adults under 50 shared this sentiment.
This generational divide suggests that the American Dream may be losing its luster among younger Americans who have grown up in an era of economic uncertainty and diminished opportunities.
Interestingly, differences across race, ethnicity, and political affiliation were more modest.
About half of Americans in each racial and ethnic group believed the American Dream remains possible, with Black Americans being twice as likely to say it was never achievable.
Politically, 56% of Republicans and 50% of Democrats viewed the dream as attainable, but age and income disparities persisted within both parties.
The cost of the American Dream
The survey also explored Americans' perceptions of their own ability to achieve the increasingly elusive American Dream.
While roughly two-thirds of respondents felt they had either already achieved the dream or were on their way, a significant 30% viewed it as out of reach.
With Investopedia estimating the lifetime cost of achieving the American Dream at a staggering $3.4 million, it's no wonder that so many Americans feel it is now beyond their grasp.
As faith in the American Dream wavers, consumer spending patterns are shifting.
University of Michigan economist Joanne Hsu told CNBC recently that stable employment and a dire consumer outlook are driving a "you only live once" mentality and increasing spending.
In other words, many Americans are opting to spend on immediate desires rather than saving for long-term dreams they no longer believe are attainable.