I participated in an Influencer Program on behalf of Mom Central Consulting for MassMutual. I received a promotional item to thank me for participating.
Growing up I always dreamed of having a nice house, a loving husband, beautiful kids and a rewarding job. Now that I am an adult and have all that, I feel incredibly blessed to have achieved my idea of the “American Dream.” Looking towards the future, I hope to build up a nice retirement and college savings fund for our kids. It would also be nice to pay off our mortgage! While my American Dream is probably different than yours, I think it is safe to say that most people envision it has achieving success and fulfillment in life.
photo credit: npr.org
Previous generations, such as my grandparents and parents, seem to have achieved the American Dream a little more easily. Most women were able to stay home and raise their children, while the men pursued careers. Both of my parents grew up in modest, middle class homes with lots of siblings and both of their moms stayed home. The difference between their childhood and mine is back then you could buy so much more for your money. The cost of living has gone up and it seems like more and more women are having to work in order for families to attain their idea of the American Dream.
I think it’s important to point out that our tastes as Americans seem to become more and more expensive with each generation. What was considered a nice home back in the 60’s is considered too small to most people today. All of my friends, and I am guilty of it to, think they have to have huge homes with all of the latest upgrades. I can only imagine what my kids will think they need when they grow up! There is nothing wrong with wanting more, it’s just important to realize that it takes hard work, sacrifice and good financial skills to attain it.
MassMutual, a leading mutual life insurance company, conducted its third biennial State of the American Family Study, which offers a broad snapshot of American families’ financial views. The study found that while confidence in the American Dream may be declining, Americans’ financial satisfaction is on the rise. In fact, nearly three in ten (27 percent) American families are satisfied with their current financial situation, up from 18 percent in 2009.
Over the past few years, the study has shown that American families have become much more involved with their finances and have expressed a higher level of financial satisfaction as a result. This positive momentum, coupled with improved market conditions, gives Americans the opportunity to take greater control over their futures and focus on those people and activities that matter most to them.
The study also found that American families hold four core values when it comes to their finances:
1. Putting family first;
2. Being actively involved in household financial decisions;
3. Educating children about money; and
4. Making sure that children aren’t burdened by parents’ care as they age.
These core values emerged regardless of age, ethnicity, gender, or sexual orientation. While some groups placed higher importance on one of these core values over another, results show that when it comes to family finances, Americans are more alike than not.
The top five financial goals reported by American families include:
- Paying off a mortgage
- Creating a plan for managing retirement income
- Saving for children’s college educations
- Ensuring that the family will be taken care of financially in the event of a parent’s death
- Developing a monthly budget and a comprehensive financial plan.
Even though the economy has changed from previous generations, it appears that most American families still have faith in the American Dream. I know for many people, however, it can be overwhelming to think of how to achieve it, especially if you don’t have the financial skills. Thankfully, MassMutual has the tools to help!
To learn how MassMutual can help your family achieve the American Dream today, please review the MassMutual Family Finances study.
