Americans have been living through a turbulent few years with the pandemic, rampant inflation, a historically strong labor market, and a hot as ever housing market. Even though consumer confidence indicators have shown cracks of late, many are still feeling good about their own American dreams.
More than three-quarters (82%) of Americans surveyed by SoFi said it was somewhat feasible to reach your ambitions. Two-thirds are taking steps today to do just that, and are willing to put their money where their mouths are (sometimes literally).
Passions vs Priorities
Ambitions — financial and otherwise — look different for everyone. But the top financial ambitions of the survey participants paint a familiar picture: People want to create generational wealth to set up their children and grandchildren, buy a home and car, retire early, and be able to ensure a good education for their offspring. In fact, almost three-quarters of people would prefer homeownership over early retirement.
While Americans remain aspirational, they also face their economic realities: Nearly half of the survey participants feel unable to have more than one child given the financial burden of raising a kid.
What Does It Take?
You have to make sacrifices to achieve your dreams, and most Americans appear ready and willing to do so when it comes to reaching their financial goals.
Some two-thirds of people would give up dining out for five years, or skip out on throwing a wedding, if it meant retiring early. And 65% of all respondents would forego the weddings of family or friends to be able to afford to buy a home.
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