Seven out of ten (70%) of Americans say it's more difficult to get rich today than it was in the past, compared with 38% who said the same in 1999––a year dominated by the dot.com bubble––according to a survey conducted by Princeton Survey Research Associates International on behalf of Bankrate.com.
Only 9% of Americans say it's easier to get rich today, compared with 26% who said the same in 1999.
Below, additional findings from the Bankrate Financial Literacy series: How to Prosper.
Most people continue to feel some degree of anxiety about the economy. Asked to identify the biggest obstacle to achieving personal prosperity, 27% of Americans cite too many bills and insufficient income, and another 27% cite job loss or income reduction.
Over one in ten Americans (11%) say credit card debt is their biggest obstacle to wealth.
Asked about the likelihood of getting rich personally, 63% of Americans say it's not too or not at all likely they'll get rich, while only 33% say it's very or somewhat likely they will attain wealth.
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Lack of Focus on Saving Money
Most Americans have cut back on spending to secure their financial futures: 78% say they avoid buying luxury goods or unnecessary items.
However, although 75% of Americans say they have recently cut back spending to save more, only 52% say they are saving consistently, such as to a retirement plan.
Other findings:
- 41% of Americans say their reason for wanting wealth is to provide a better life and future for their children.
- 18% say they would like to be rich to take care of their parents and other family members.
- 21% view traditional investments as a feasible route to wealth.
- 12% say investing well in stocks and bonds will provide them with financial freedom.
- 9% say investing in real estate is the best way to get rich.
About the data: Conducted by Princeton Survey Research Associates International on behalf of Bankrate.com, the survey was based on telephone interviews with a nationally representative sample of 1,003 adults November 12-15, 2009.
