The attached article highlights some interesting responses from a June 2020 survey of 4,000 Generation Y (Millennials) & Z respondents. Three things that stood out:
- Faith and emphasis in work ethic as a catalyst to achieving their version of the American Dream. Just over 80% believe their hard work will enable them to succeed.
- Nearly 80% believe their lives will be as good or better than their parents. Gen Y and Z of color are noticeably more optimistic their lives will be better than their parents compared to white members of these generations (57% vs. 42%)
- The American dream is categorized in two camps: one is relative or comparative, the other absolute. In the comparative camp, succeeding is defined as being better-off than parents or others. In the absolute camp, achieving the dream is based on the ability to choose a path: life, education, career, family, etc.
Generations Y and Z combined account for almost 50% of the U.S. population. Their attitudes and behaviors will shape the future, and connecting with them through authenticity and respect for their definition of the American dream will be paramount to the growth of brands and business sectors.