The “American Reality” of Poverty & the “New American Dream”

A few months ago, Princeton Survey Research Associates International interviewed a sample of 1,013 adults to garner their opinions surrounding whether or not poor people have what it takes to obtain upward mobility. The question was simple: do poor people in this country have a chance of escaping from poverty? But, the responses are not. More than half of Americans polled (59%) believe that poor people in America have little chance of escaping the trappings of poverty.

Are the idealistic hopes and aspirations of the “American dream” similar to most dreams… forgotten soon after they awake? Does one have to be asleep to believe it? Or has the “American reality” of debt, economic inequality, high unemployment rates, etc. redefined the way people perceive the “American Dream?”

Historically, the perception of the “American dream” conjured images of living in a three-bedroom home with a white picket fence, but a recent report conducted by GFK Custom Research for Credit.com seems to indicate that the American Dream is now largely focused on financial security and freedom. Responses from the survey indicate the New American dream is defined as the following:

          -27% retiring financially secure,
          -23% being debt-free
          -18.2% owning a home,
          -6.6% graduating from college / paying off student loans

As Adam Levin stated, “Today, more Americans dream not of affluence, but of basic financial stability. That’s what both retirement and freedom from debt have in common. When Americans dream of retirement and freedom from debt, they dream of being able to exhale.”

Importance of Financial Empowerment

Financial security is difficult for many fiscally agile Americans, but for impoverished individuals and families it is almost insurmountable. This is Why WE Do What We Do. Our mission statement reminds us of HOPE, something that many have forgotten. We know that financial insecurity is the underlying symptom of poverty. As a remedy, we are dedicated to transitioning working poor families to economic stability. Through our financial literacy program, we implement a curriculum that is specifically designed to meet the needs and demographics of the working poor families that we serve. With the dedication and support of countless volunteers, we are able to provide one-on-one weekly financial mentoring that empowers our families to accomplish their goals for true, long-term self-sufficiency. Additionally, our Graduate Empowerment Program provides the ongoing support and accountability that is needed to help our graduates remain on track with budgeting and career goals.

Read More: The New American Dream: It's Not What You Think

Stephanie McNeil, Outcomes and Research Manager, has over five years experience of working with children with special needs. Prior to Interfaith, Stephanie has provided outreach support and needs assessments for diverse populations. She holds a B.A. in Communication Studies from the University of Houston and a M.S. in Interdisciplinary Studies from the University of North Texas. Stephanie can be reached at smcneil@ihcdallas.org or (469) 828-1823.