A new study shows that the majority of Americans think wealth is beyond their reach and it wont be easier to get rich any time soon.
The poll, conducted by Princeton Survey Research Associates International for Bankrates Financial Literacy series, found that 70 percent of Americans believe it is more difficult to get rich today than it was in the past.
More than half of those surveyed believe it will be even more difficult to get rich in America in the next 10 years while 24 percent think it will be about as difficult as it is now. When asked about the likelihood of getting rich personally, one-third of Americans say its very or somewhat likely they will attain wealth, but 63 percent say its not too or not at all likely theyll get rich.
Only 21 percent of Americans see traditional investment as a feasible route to wealth, with 12 percent who believe investing well in stocks and bonds will provide them with financial freedom and 9 percent who think that investing in real estate is the best way to get rich.
Family is the primary motivator for Americans to strive for prosperity, as 41 percent of respondents said their reason for wanting wealth is to provide a better life and future for their children, while 18 percent said theyd like to be rich to take care of their parents and other family members. Equal numbers of Americans see job loss or income reduction or too many bills and not enough income as the main obstacles to achieving wealth, with each choice being selected by 27 percent of respondents.
Eleven percent blamed credit card debt for wealth seeming out of reach. In spite of the respondents concerns about accumulating wealth, only 52 percent of those polled say that they save consistently.
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