According to the latest research from Wells Fargo, Americans are redefining the “American Dream” by seeing owning a business as a way to control their destiny.
The “2026 Wells Fargo Money Study” found that owning a business has become a crucial aspect of redefining the “American Dream” for Americans, especially the younger generation, who view entrepreneurship as a path to autonomy and future control.
The survey, conducted through online questionnaires from November 19 to December 17, 2025, included 3,773 adult Americans and 215 teenagers aged 14-17. The data was weighted based on factors such as age, gender, income, and education to reflect the demographics of the U.S. population.
Among the surveyed adults, a significant 61% believed that owning a business is part of the American Dream, with an even higher proportion of 69% among the Generation Z (those born between 1997-2012, approximately 14-29 years old).
In the group of individuals who do not yet own a business, 74% of Gen Z and 58% of Millennials (born between 1981-1996, approximately 30-45 years old) expressed a desire to own their own business in the future. One of the reasons is that 80% of Gen Z and 67% of Millennials believe that owning a business gives them control over their own destiny. Interestingly, a staggering 96% of current business owners also share this sentiment.
However, this sense of control comes with a cost. 86% of business owners stated that running a business requires sacrificing personal finances, with nearly two-thirds having used personal savings, credit, or home equity to fund their ventures.
Emily Irwin, Director of Private Wealth Planning at Wells Fargo, remarked: “The desire to own a business reflects a growing trend of people wanting to define success on their own terms. While entrepreneurship can bring freedom and flexibility, it also comes with financial risks, making preparation, resilience, and rational decision-making more critical than ever.”
Research also revealed that many Gen Z adults are facing financial pressures, leading them to postpone major life plans and rely on family support to navigate the current economic landscape.
Among parents of Gen Z adults aged 18-28, 64% stated that their children depend on them for financial support in terms of money, housing, or other aspects, with 56% noting that this support has impacted their own financial situation.
Nearly half of the surveyed Gen Z adults (46%) described their financial lives as “chaotic” and indicated delays in moving, marriage, further education, or career changes.
Moreover, Gen Z adults are more inclined to seek financial information from non-traditional sources, with 44% relying on YouTube videos, 34% utilizing Instagram or TikTok, and 25% engaging in online communities.
Irwin noted: “It’s not surprising that young people turn to families and non-traditional sources for support, but this also creates pressure for parents.”
The survey indicated that an increasing number of Americans are willing to explore new technologies such as artificial intelligence (AI) to manage their finances, though experts question whether users truly grasp how to effectively utilize AI.
The study showed that 40% of Americans are experimenting with non-traditional methods to enhance financial efficiency, with 19% of adults having used AI for financial advice or knowledge in the past year and a striking 38% among Gen Z.
Most AI users reported leveraging the technology to understand financial decisions, explore new ideas, and evaluate risks and rewards. Two-thirds of respondents took action based on AI advice, with 90% stating that the outcomes were beneficial or valuable.
Irwin emphasized: “Technology can spark ideas and boost financial literacy, yet optimal results require a combination of solid financial foundations, trusted professional advice, and an understanding of personal goals.”
Other findings from the research include 47% of Americans increasing savings and investments in the past year; 52% believing their financial actions are paying off, though 33% admit to making suboptimal financial decisions; and 90% aspiring to spend more cautiously.
17% of full-time employed individuals are concerned about potential job loss within a year, with this figure escalating to 31% among Gen Z. 57% indicated that if unemployed, their funds could be depleted within three months, and 33% of Americans have taken on additional work or income sources.
Overall, Americans are becoming increasingly proactive, open-minded, and willing to try new methods for financial management, whether through AI tools, adjusting daily habits, or relying on family support, all aimed at making money work more efficiently and financial lives more manageable. ◇