The definition of the American Dream has changed from what it once was—home ownership, owning a business—to a new objective: living comfortably, following one’s passion, being happy.

But one major hurdle to realizing either version of the American Dream remains: inflation.

A recent survey of 1,000 small business owners revealed that a staggering 80% believe inflation is a barrier to achieving their goals. In fact, only two-thirds of those surveyed are confident about achieving their own American Dream in their lifetime.

Inflation is a major obstacle

Whether it’s having the money to follow a passion, own a house, start a business, or just live comfortably, it’s clear that stubbornly high inflation is getting in the way.

The U.S. has not seen inflation above 4% in more than a decade. Only 8% of the respondents dismissed the idea that inflation is a barrier. Just 10% called it “neutral.” And 80% believe it is indeed a barrier.

Inflation is a headache for many not only because it’s higher than we’ve seen in a long time but also because it isn’t going away fast enough—and it probably won’t anytime soon..

Experts say that finishing the job and reaching the Fed’s inflation target of 2% might take more time than getting it down from its 9% peak to the current 4.05%.

Confidence in reaching the American Dream is falling

Survey respondents also showed less confidence in achieving the American Dream.

More than one-third of those polled stated that they are only moderately or not at all confident they will be able to live the American Dream in their lifetimes.

As they see it, in addition to inflation, there are several major hurdles.

These include access to technology, the availability of affordable healthcare, discrimination, and education. The survey shows that women experience many of these challenges to a greater degree than men.

Consider that when asked “How confident are you in achieving the American Dream?” 17% of women said they are “least confident” while only 9% of men said the same.

Gen Z (18-24) respondents expressed the least confidence in reaching the American Dream across all the other generations represented including Millennials (25-39), Gen X (40-54), and Boomers (55+).

The definition of the “modern American Dream” is not what you think

Surprisingly, less than half of those surveyed consider homeownership to be a symbol of success in achieving the American Dream.

Another traditional idea of the American Dream—being your own boss—was not even in the top three. The top cited indicators were “living comfortably” (56%), “feeling happy in life” (54%), and “freedom to follow my passions” (49%).

“Owning a home” and “being my own boss” were at the bottom of the list at 45% and 39% respectively.

Interestingly, almost none of the respondents—just 6%—said they started their own business because they wanted to be their own boss. They did it to earn extra money or pursue a lifelong dream.

It’s clear that the definition of success in American is changing. Still, achieving it feels out of reach for many.