James Truslow Adams wrote that the American Dream is “that dream of a land in which life should be better and richer and fuller for every man, with opportunity for each according to his ability or achievement.” For me, the American Dream is central to the pursuit of happiness. It recognizes the value of life, and it partners with liberty to open opportunities for all persons, regardless of their starting point.

But do Americans still believe in the American Dream? 

At the Archbridge Institute, we publish the annual American Dream Snapshot highlighting people’s attitudes about the American Dream and opportunity in the United States. In 2023, we surveyed a representative sample of more than 2,100 people from across the country. And, while a majority of people continue to express a positive view of the health and state of the American Dream, this was the first year since we launched the survey in 2020 that attitudes showed signs of increasing skepticism and pessimism. 

As in previous editions, the majority of Americans (75%) said they have either achieved the American Dream or are on their way to achieving it. Only one in four said the American Dream is out of reach. However, that figure grew from 18% last year to 24% this year–from one in five to one in four people.

A similar trend emerged when we asked people to compare their opportunities to the opportunities of their parents, and then to their children. A majority of Americans (eight in 10) claim they have more or about the same opportunities as their parents, with a minority (about 20%) believing they have fewer opportunities. Likewise, 60% of respondents believe their children are likely to have more or about the same opportunities as they did. Only 18% said their children are likely to have fewer opportunities (22% had no children). 

Although these results point to a robust belief in the American Dream, we saw an uptick in negative views. For example, in 2022, only 12% of people said they had fewer opportunities than their parents, and the percentage of people believing their children are likely to have more opportunities than they had dropped from 41% in 2022 to 33% this year. Moreover, these trends of growing pessimism are being driven by younger Americans and those with less education.

Amidst technological advancements and fears of a coming recession, it is no surprise that nearly twice as many people (31%) with only a high school diploma say the American Dream is out of reach compared to those with a college degree (16%).

A recent Quinnipiac University poll shows people are worried about persistent inflation as it relates to food and mortgage or rent payments. Additionally, many people are worried about their ability to retire comfortably. The latest CNBC All-America Economic Survey found 69% of Americans hold negative views about the economy both now and in the future, which according to CNBC represented the highest percentage in the survey’s 17-year history. 

As real wage growth fails to keep up with rising inflation, consumer confidence remains well below pre-pandemic levels. Further, the rise in entrepreneurship observed during the pandemic has died down, returning business dynamism to its trend of decline.  

These real concerns may be the reasons why Americans are expressing growing skepticism about the American Dream. Or, perhaps it is the crisis of loneliness, the continued rise of mental illness among adolescents and young adults, and the breakdown of community and cultural institutions. As our survey found, the American Dream is about more than building material wealth. In fact, when asked which ideas are essential to the American Dream, the two most popular responses were “freedom of choice in how to live” and “a good family life.”

The challenges facing our society are numerous, but it is worth repeating and celebrating that a majority of Americans still see the United States as the “land of opportunity.” Most people believe they have achieved the American Dream or are on their way to achieving it, and large majorities express optimism about their own opportunities and the opportunities facing their children. 

Most importantly, the American Dream can serve as a source of hope and unity for a diverse nation. Instead of focusing on what divides us, we should embrace our shared vision for the pursuit of better, richer, and fuller lives.

If doubt is on the rise, we should seek to identify the issues undermining people’s belief and work to lift barriers, restore hope, and rekindle the narrative of the American Dream. That way, the promises of “life, liberty, and the pursuit of happiness” can ring today and into the future. 

Gonzalo Schwarz serves as president and CEO of the Archbridge Institute in Washington, D.C.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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