The American Dream. Or Empty Promises?

What is the American Dream??

I got asked this a few times this week. Is it a fallacy from a distant past to keep us on the hamster wheel? An elusive goal and a broken promise for many??

Even though the term is now largely associated with prosperity and personal achievement, it wasn’t always so. According to the Smithsonian Magazine, the original American Dream was not a dream of individual wealth; it was a dream of equality, justice and democracy for the nation. It was a reaction to the time when the robber barons were consolidating power, which was considered to be an un-American concept because it was fundamentally unequal.

How far we have come. And yet, how much further we still have to go.?

I reflect back on my own journey, and that of my mother’s family. Back in Hong Kong, my mother never got the chance to pursue higher education; along with my two older aunts, they had to work in order to support the family’s two youngest siblings and to give them the chance to attend universities in the United States.

Less than two decades later, we followed in their footsteps. And the rest, as they say, was history.

The product, and the living proof, of the American Dream.?

Yet, it is not a path freely available to everyone.

So I must ask: “Have we done enough?”?

The great expectation. Or not.?

The great resignation. Or the great exhaustion.?

A chance to redefine work. But also a period of great uncertainty.?

Meanwhile, rising gas prices, inflation, and the pandemic, have left 47% of low-income consumers not feeling financially healthy in February 2022, compared to 42% in April 2020.

Where does that leave us then?

Perhaps I can find solace in Professor Fernando Torres-Gil’s words in our recent panel at the Milken Global Conference, that Gen-Z is the first majority-minority group, with a great level of acceptance and inclusiveness. And the stats speak for themselves. According to a recent report, 20% of caregivers surveyed are new to caregiving and 60% of new caregivers are Gen Z or Millennials.

A new hope.

But have we done enough? With our financial needs becoming more complex — coupled with caregiving responsibilities, economic inequality, and societal challenges — who can consumers turn to as their trusted advisors to guide them through the period of uncertainty??

I am reminded of a comment a banker made in a prior conversation, referring to the growing cohort of older adults: “We already have their money. Why would we need to do anything more for them?”??

The narrative gave me pause. A painful but perhaps valid point for an industry with a model based on deposits and fees. So can we really change? Will we truly change?

With great power comes great responsibility.?

A fallacy, perhaps.

As a society, as we change the way we live, the way we work, and the way we earn a living, what role does the financial services industry play in helping us reimagine a new way to plan for our future and that of our loved ones? By new way, I am not referring to the myriad of BNPL relationships that customers are enticed with; nor am I referring to the metaverse, one where brands have been falling over themselves in a virtual land grab.

As we think about financial inclusion and the needs of those who are underrepresented, have we thought about caregiving and the impact on financial security of not only one individual, but that of the family? Who has been left out of the conversation?

I reflect on my journey in the past five years where I once wrote, "The future of aging and longevity should be one of living”. And I can’t help but wonder, have we given everyone the tools to live, or merely survive?

Is this the American Dream? Or just empty promises?