Minority populations optimistic of achieving American Dream

NEW YORK: 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.

In what was the company's third annual study, 83 percent of Asian Americans believed that they will achieve the American dream in their lifetimes, as did 82 percent of African Americans and 89 percent of Hispanic Americans, compared to only two-thirds (66 percent) of Caucasians. 

Minority groups are more optimistic that the US economy is headed in the right direction.  They also believe in greater numbers than the overall population that the economy will be better in 2009 than it was in 2008, according to the study.

"We know that striving for the American dream is a universal ideal in the US," said Beth Hirschhorn, senior vice president and chief marketing officer of MetLife. "This year's findings reveal that minority populations place even more importance on a successful career as a key component to achieving the dream."

The study found that Asian Americans view career success as a key component of the American dream.  More than half of Asian Americans (53 percent) include career success in their top three definitions of the dream, compared to 44 percent of Hispanic Americans, 43 percent of African Americans and 29 percent of the public overall.

Asian Americans are also more likely than the general public to define "financial security" in terms of job security, with 37 percent of Asian Americans including a steady paycheck as an integral component of financial stability.

As a result of the current economic climate, 68 percent of Asian Americans and Hispanic Americans and 63 percent of African Americans are more worried about losing their job over the next 12 months compared to 56 percent of the general public.

The study found that 43 percent of Asian Americans believed they could meet their expenses for at least four months in the case of a job loss, compared with 29 percent overall.  Eight out of 10 Asian Americans feel that having a personal safety net is more important than last year and are planning to take steps toward creating their own personal safety nets as traditional safety nets, such as corporate and social, continue to erode. 

"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 Asian Americans would like more information about financial topics.  They 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. 

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.