Gen Z forced to rewrite the American Dream in the ‘Great Postponement’: Fixer-uppers, side hustles and doing life out of order
"We've not seen challenges in terms of affordability like this in more than a generation," said Wharton professor Susan Wachter.
The American Dream, once characterized by a steady job, a new home, marriage and children, is being redefined for a new generation, according to a new phenomenon dubbed the "Great Postponement." This economic crisis has led to delayed milestones, such as homeownership, marriage and children, as young adults confront soaring home prices and fewer opportunities for traditional career advancement.
However, rather than rejecting the milestones altogether, many Gen Z individuals are finding alternative paths to achieve the American Dream, including purchasing fixer-uppers, taking on side hustles, and doing things out of order. Despite the challenges, a majority of Gen Z respondents remain optimistic about their future financial situation, with 56% expecting it to improve within a year and 42% believing they'll outearn their parents financially.
This new approach to the American Dream reflects the changing economic landscape and the innovative problem-solving abilities of younger generations.
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