The future looks a little less than bright for members of the younger generations. Research shows that the majority of Americans believe it is unlikely members of Generations X and Y will have a better life than their parents. At the same time, some members of these generations seem disillusioned with the current state of affairs and express pessimism that they will have a traditional retirement. Adding insult to injury are several popular myths that tend to blame these falling standard on the members of Generations X and Y.
I was born on the cusp between Generation X and Generation Y (a.k.a. the Millenials). As a member of the middle-child demographic recently dubbed Generation Catalano, I have some insight into how members of both of these generations view retirement. And I have to say, it isn’t pretty.
Pessimism and the American Dream
According to the results of a spring 2011 Gallup poll, confidence in the American dream is faltering. Defined by Gallup as the opportunity for each generation to earn a better life than previous generations, the data show that indeed, the American dream appears to be slipping away.