The survey, conducted in conjunction with former Chairman of the Richmond Federal Reserve Bank and former White House ERISA adviser, Thomas Mackell Jr., found almost three quarters of poll participants said they expect their children and grandchildren to have worse career and lifestyle opportunities than they enjoyed (73.4%-children, 75.6%-grandchildren). Over 65% of respondents replied no when asked if they thought their children will be able to afford retirement, and over 70% doubt their grandchildren will be able to afford retirement.
While the vast majority of the 2,021 retirees polled (84%) felt they were given the opportunity to achieve the American Dream, they forecast a grim outlook for their offspring. Nearly nine in ten (89.2%) said they believe it will be more difficult for their children to live the American Dream and only 1.9% saw their grandchildren having an easier time living that dream.
More than half of respondents (52.3%) don’t believe their children will ever achieve the American Dream and 61.8% see a dark cloud over that dream for their grandchildren.The poll was conducted from October 5 – 27, 2010, and received 2,021 responses from retirees in 44 states, plus the District of Columbia.