Crisis of confidence saps faith in the American dream: US Bank

Crisis of confidence saps faith in the American dream: US Bank
Survey highlights a growing sense of defeat as economic headwinds push long-term goals like homeownership and retirement onto the back burner.
SEP 22, 2025

A new survey from US Bank suggests that even as Americans make prudent financial decisions, many are struggling to achieve long-term goals such as homeownership and retirement, with younger generations feeling the sharpest impact from economic pressures.

The 2025 US Bank Wealth Report, which surveyed 5,000 adults, reveals a growing sense of powerlessness among Americans when it comes to major life milestones.

While 90% of respondents said they feel in control of day-to-day financial tasks like managing credit cards, more than half reported feeling powerless over broader forces such as the economy and political climate. These anxieties are shaping key decisions, including when to retire, where to live, and whether to buy or rent a home.

According to the U.S. Bank report, 81% of Americans believe it is harder to retire now than it was for their parents, a sentiment that rises to 87% among millennials. Three-quarters of respondents said the economy has huge sway over whether they buy or rent a home, and nearly two-thirds worry they may need to come out of retirement due to financial factors.

The data also show that 23% of Americans have given up on buying a home, and nearly a quarter of Gen Z and millennials have stepped back from the idea of parenthood because of cost concerns.

Scott Ford, head of wealth management at US Bank, said the findings reflect a “seismic shift in the American dream.”

“Although many survey respondents are making prudent choices, they are disheartened and wonder if their efforts are worth the sacrifice," Ford said in a statement Monday. "The good news is that even small steps can help you take control of your financial health, including having a financial plan and investing what you can, even if it’s a small amount.”

Despite these challenges, traditional financial milestones remain important. The survey found that 88% of Americans view owning a home as a key indicator of financial success, and 93% say having enough retirement savings to live comfortably is a top priority.

However, just 48% are making monthly contributions to retirement funds, and only 37% of non-retired Americans are actively planning and saving for retirement. Women, in particular, lag behind men in retirement planning, with only 44% making monthly contributions compared to 53% of men.

The report also highlights the positive impact of financial planning and professional advice. Among those working with a financial advisor, 89% feel in control of saving for retirement, compared to 73% without an advisor.

Similarly, 85% of those with an advisor are confident they will be able to own a home, versus 60% without one. For Americans with less than $50,000 in net worth, simply having a financial plan nearly doubles confidence in retirement readiness.

Ford said that while it can be discouraging to make the right moves and still struggle to see progress, “starting small, seeking guidance and staying focused can help turn uncertainty into action and restore a sense of confidence in what comes next.”

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