|By Marketwired .||
|July 8, 2014 05:11 AM EDT||
SAN FRANCISCO, CA--(Marketwired - July 08, 2014) - Being out of debt and retiring financially secure represent the American Dream for a majority of Americans, and most are optimistic that they can achieve it, according to the 2014 Credit.com American Dream Survey. Retiring financially secure at age 65 represents the ultimate American dream for 36% of those surveyed, while getting out of debt came in at a close second, with 25% of respondents choosing it as their definition of the "American Dream."
The majority of survey respondents are optimistic about their ability to achieve their version of the American Dream, with 16% saying they have already achieved it and another 50% indicating it is within their reach. Only 24% say it is it not within their reach.
But when asked if they believe the American Dream is within reach for most Americans, in other words "other people," the large majority -- 68% -- say they don't believe it is. This is the second year this trend -- optimism about one's own future and pessimism about others' -- has been observed. In a similar survey commissioned by Credit.com in 2013, 55% of those surveyed said the American Dream is not within reach for most others.
"The American Dream appears to now be about getting out of debt and getting to retirement age with a sense of financial security," says Adam Levin, Co-Founder & Chairman of Credit.com. "And the sense is that the next generation will find it even harder to get there."
Other significant findings from the survey include:
- Dreams are personal and varied. After retirement and getting out of debt, the other top definitions of the American Dream included owning a home (17%), joining the "one percent," (5%), graduating from college (3%), and paying off student loans (2%).
- Getting out of debt is a top priority. When asked about their top financial priority for the next year, at the top of the list was paying off credit card debt, with 19% of consumers choosing that option. Close behind that, another 18% chose "being debt-free." Other responses included investing for retirement (12%), saving for a major purchase (12%), buying a home (9%), paying off student loans (6%), retiring financially secure at 65% (6%), sending kids to college (5%) or paying off the mortgage (4%).
- Most are fairly optimistic about their ability to pay off debt. When it comes to being debt-free, 79% said they are very or somewhat likely to achieve that milestone in their lifetimes with only 18% indicating that it was not very or not at all likely that they would be debt-free in their lifetimes. Not surprisingly, those with student loan debt were most likely to say it was not very or not at all likely that they would be debt-free in their lifetimes (28%), followed closely by those who have been unemployed in the past three years (24%).
Millennials & the American Dream
Millennials -- those age 18-29 -- define the American Dream a little differently than do older Americans. Being debt-free is still a priority for many, with one in five (19%) choosing that option. Just a slightly larger number of millennials (20%) say it is retiring financially secure at age 65. An almost equal number (22%), however, say it is owning a home and 13% have education-related goals in mind, with 7% saying their dream is to graduate from college, and 6% saying the Dream means paying off their student loans.
Of note, those over age 30 are more pessimistic about millennials' ability to achieve the American Dream than those in that age group are themselves. When asked "Do you think millennials will ever realize the American Dream?" fewer than one third of respondents over the age of 29 (30%) said they believe these consumers will be able to do so, and 40% responded "no."
But fully 57% of those age 18 - 29 say the "American Dream" as they define it is within their reach and 5% have already achieved it. Only 21% say it is beyond their reach.
More data is available on all segments, including renters, homeowners, the unemployed, millennials and those with student loan debt.
About the Survey
The 2014 Credit.com American Dream Survey was based on a survey of 1,094 U.S. consumers, 18+, using Survey Monkey Audience, June 19 - 23, 2014. Margin of error was +/- 3%.
Credit.com is the only company of its kind to be founded and run by leading credit experts including journalists, authors and consumer advocates. The Company is committed to helping consumers understand and master the confusing world of credit and to improve their financial standing by recommending products and actions that are in consumers' best interest. Only Credit.com provides consumers with a customized view of their credit standing and an actionable plan to improve and maintain their credit -- all for free.
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 29, 2016 09:30 AM EDT Reads: 2,285
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 29, 2016 09:15 AM EDT Reads: 696
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 29, 2016 08:15 AM EDT Reads: 2,725
In the rush to compete in the digital age, a successful digital transformation is essential, but many organizations are setting themselves up for failure. There’s a common misconception that the process is just about technology, but it’s not. It’s about your business. It shouldn’t be treated as an isolated IT project; it should be driven by business needs with the committed involvement of a range of stakeholders.
May. 29, 2016 08:15 AM EDT Reads: 2,645
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 29, 2016 07:00 AM EDT Reads: 2,286
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
May. 29, 2016 06:45 AM EDT Reads: 2,938
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 29, 2016 06:30 AM EDT Reads: 628
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
May. 29, 2016 06:00 AM EDT Reads: 2,156
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 29, 2016 06:00 AM EDT Reads: 1,338
SYS-CON Events announced today TechTarget has been named “Media Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. TechTarget is the Web’s leading destination for serious technology buyers researching and making enterprise technology decisions. Its extensive global networ...
May. 29, 2016 05:15 AM EDT Reads: 3,269
The IoTs will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm and share the must-have mindsets for removing complexity from the development proc...
May. 29, 2016 05:00 AM EDT Reads: 1,968
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
May. 29, 2016 04:30 AM EDT Reads: 3,243
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 29, 2016 03:30 AM EDT Reads: 977
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 29, 2016 02:45 AM EDT Reads: 1,492
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 29, 2016 02:30 AM EDT Reads: 1,349