Gen Z and the Disillusionment of the American Dream
Gen Z is nearing a tipping point, not due to laziness, but from a sense of disillusionment. The route we’ve inherited doesn’t seem to lead anywhere meaningful. For many, the concept of the American Dream resembles more of a nostalgic tale than a practical guide for life.
I can relate to this feeling—I almost gave up on it myself. Yet, I persevered and now I’m working on a platform aimed at helping others navigate these challenges.
At just 23, I am a first-generation American. My parents emigrated from China in the late ’90s equipped with little more than hope and a large suitcase. They held on to the belief that hard work would bring opportunity. While they didn’t have much, their dedication and incredible sacrifices created a life that allowed me to dream bigger.
This dream pushed me to be proactive. I began investing as early as second grade, convincing my parents to open a custodial account. I left high school and started my first venture—a virtual reality company.
Eventually, I enrolled at Harvard during the pandemic, immersing myself in the surge of investment trends like meme stocks and cryptocurrency. The ensuing chaos and eventual downfall motivated me to take action. I dropped out to develop Double, a fintech platform aimed at helping Americans invest more confidently.
In some ways, I embody the belief that the American Dream is still achievable. Yet, I recognize I’m a rare example. Without significant changes soon, I fear my generation may lose faith in even trying.
Recently, through a partnership with Harris polls, we surveyed Americans about their perspectives on financial futures. The findings were revealing. Over half of Gen Z now believes traditional 9-to-5 jobs won’t fulfill their financial aspirations. A significant portion sees side hustles as essential, while many feel entrepreneurship is the only path to success. It’s alarming to realize that just half of Gen Z views homeownership as a worthwhile financial goal.
For us, success often isn’t about owning a home; it’s about paying off debts and supporting our families. The traditional route—get an education, find a job, buy a house—seems more mythical than feasible.
I embody the belief that the American Dream is still achievable. Yet, I know I’m a rare example. Without bold changes, my generation may lose faith in even trying.
This isn’t about being lazy; it’s about adapting. Many of us grew up without understanding the complexities of financial management. We often turn to social media for financial advice—not because it’s perfect, but because it’s what’s available to us.
Despite actively seeking solutions, only a small fraction of us feel confident navigating the stock market. While we’re trying to invest, we often find ourselves speculating. The tools we have access to are a mixed bag; many might make investing seem accessible but often encourage risky behaviors.
That’s why I created Double. Instead of random investments, it lets users mirror the strategies of experienced investors. This model prioritizes transparency and responsible investing. You don’t need to be wealthy to build wealth; now, anyone can invest thoughtfully and intuitively.
However, the challenge goes beyond just my platform. We need to rethink how financial products are designed. It’s essential to provide tools that empower rather than exploit our generation—a tool that can inspire renewed belief in the system and the country’s future.
We’re redefining our dreams, and I aim to lead this change, but I need support.
Steps to Unlock the American Dream for Gen Z
- Develop the right tools. Tech companies should focus on creating resources that guide long-term investments, not just quick gains.
- Teach financial literacy from an early age. This needs to be a priority—lessons on compound interest and managing debt are crucial life skills.
- Make ownership a norm. Everyone should feel like a stakeholder in the nation’s wealth, which fosters a belief in shared prosperity.
If Gen Z stops believing in the American Dream, we risk losing not just a generation but the future of our country. Still, I’m hopeful that we can rebuild.
When we see a clear path ahead, we will seize it. We’re here to build, to support each other. If the way forward remains obscured, however, we might just stop altogether. So, let’s create something better.
The American Dream has shaped my life. Now, I’m determined to ensure that it continues to shine for others.
