Contacts:
Toni L. Griffin
727.862.7006
tgriffin2@metlife.com | Fiona Adams
212.578.8544
fadams@metlife.com | Sherice Bellamy
213.305.2609
shericebellamy@lagrant.com |
MINORITY POPULATIONS MORE OPTIMISTIC THAT THE AMERICAN DREAM CAN BE ACHIEVED IN THEIR LIFETIMES, ACCORDING TO METLIFE STUDY
New York, NY, June 18, 2009—Minority populations are more optimistic than the general population that achievement of the American dream is still possible. According to The 2009 MetLife Study of the American Dream – the company’s third annual study – nearly nine in ten Hispanic Americans (89%) believe that they will achieve the American dream in their lifetimes, as do 82% of African Americans and 83% of Asian Americans; only two-thirds (66%) of Caucasians concur. Minority groups are also more optimistic that the U.S. economy is headed in the right direction. This is particularly true for African Americans (43%), who believe the economy will be better in 2009 than it was in 2008.
“We know that striving for the American dream is a universal ideal in the U.S. This year's findings reveal that minority populations place even more importance on a successful career as a key component to achieving the dream,” said Beth Hirschhorn, senior vice president and chief marketing officer of MetLife.
Financial Security, Family and Career Success Key Components of the Dream
Across all ethnic groups, the American dream is defined first and foremost by financial security, followed closely by family/children. However, more so than the general population, minorities view career success as a key component of the American dream. Roughly half of Asians (53%), Hispanics (44%) and African Americans (43%) include career success in their top three definitions of the dream, compared with 24% of Caucasians and 29% of the public overall. Minority groups -- especially Hispanics and Asians -- are also more likely than the general public to define “financial security” in terms of job security, with 40% of Hispanics and 37% of Asians including a steady paycheck as an integral component of financial stability, compared with 27% of Americans overall.
Perhaps because of this, minorities are more worried than their peers about losing their job over the next 12 months. While 56% of the general public is concerned about losing their job as a result of the current economic situation, the percentage climbs to 68% for Asians and Hispanics and 63% for African Americans.
Among the most interesting similarities and differences among the various groups surveyed are the following:
African Americans Lag in Dream Achievement, But Most Believe It’s Achievable
While African Americans lag other ethnic groups in their achievement of the American dream with only 19% reporting that they have achieved the dream, eight in ten (82%) believe they will be able to achieve the American dream in their lifetimes. Of those who have already achieved the American dream, African Americans (62%) are least worried about being able to sustain it, compared with 51% of Americans overall.
African Americans are also more optimistic that about their personal financial situation, with 59% believing it will be better in 2009 than 2008, compared with 41% of the general population. At the same time, they are also more likely (68%) to feel that the bar is constantly rising in terms of the basic necessities of life versus 53% of Americans overall.
Hispanic Americans Most Optimistic About Achieving the Dream in Their Lifetime
Nine in ten (89%) Hispanic Americans believe it’s possible to achieve the American dream in their lifetimes, compared with 72% of the overall population. With work being the linchpin that’s holding together the American dream, Hispanics have been touched by job loss more than any other minority group with 21% reported that they have lost their job – and 54% reporting that a friend or family member has lost a job – as a result of the current economic situation.
To shore up their personal finances in the short term, six in ten (64%) Hispanics have already taken steps to save more and spend less, and 39% are becoming more educated on financial topics.
Asian Americans Most Likely to Have an Adequate Safety Net
Half (50%) of Asian Americans believe that the pressure to buy more and better material possessions is greater than ever, compared with 44% of Hispanics, 30% of African Americans and 22% of Caucasians.
Happily, Asian Americans are more likely than their peers to feel they have an adequate safety net in place, with more than one-third (38%) of Asians reporting a solid cushion, compared with 26% of Americans overall. Asians and Hispanics are also more likely than their peers to have cash reserves on hand as part of their safety nets. Roughly half of Asians (58%) and Hispanics (42%) report having cash on hand for three to six months, compared with 34% of African Americans and 35% of Caucasians.
“By working with a financial advisor to create their own personal safety net, one that protects them and their family from the unexpected and ultimately helps grow their wealth, Americans of all socio-economic and ethnic backgrounds may be able to achieve the American dream sooner than they had hoped,” said Joseph Jordan, senior vice president, national sales and marketing for MetLife’s Individual Business.
Finally, the study found that minorities are also more likely to say they are interested in financial guarantees such as those associated with life insurance and annuities, when evaluating their purchase decisions and companies they do business with. This holds true for 63% of African Americans, 59% of Asian Americans and 56% of Hispanic Americans compared to 54% of the general population.
Methodology
From January 7 – 16, 2009, Strategy First Partners in conjunction with Penn, Schoen & Berland Associates conducted 2,243 online surveys in the United States among the general population as part of The 2009 MetLife Study of the American Dream.
To download The 2009 MetLife Study of the American Dream, visit www.metlife.com/dream.
About MetLife
MetLife is a subsidiary of MetLife, Inc. (NYSE: MET), a leading provider of insurance, employee benefits and financial services with operations throughout the United States and the Latin America, Europe and Asia Pacific regions. Through its subsidiaries and affiliates, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.
For more information, visit www.metlife.com.
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