Giving Compass' Take:

• A central idea of the American dream is that "if you work hard, you will be secure" however, it is becoming increasingly difficult to reach that goal of stability as workforce innovation is constantly changing. 

• The author maintains that a quality job is a necessary step toward achieving financial security. However, how can we address the barriers that keep some Americans from obtaining those quality jobs?

• Read about how Latinos will be the ones to re-shape the American Dream.  

A central tenet of the American Dream is that if you work hard, you will be financially secure – you can raise a family, buy a home, start a business, and retire with dignity. But in our changing world, hard work over a lifetime doesn’t always lead to financial security and prosperity. We need to address the financial concerns of a world that is living longer, younger and faster by providing innovative solutions to financial protection, retirement and asset management challenges.

Twenty-first Century innovation and structural shifts are transforming work far faster than our current safety nets and policies can keep pace. These changes have transferred economic risk from broad structures onto the fragile balance sheets of American households causing financial instability for many. This instability erodes the foundation for success and the ability for people to reach their goals and achieve their dreams.

Working people are struggling and need to find solid ground before they, or their families, can take the needed steps that lead to upward mobility. A crucial first step to financial stability is a quality job.

Financial stability also involves having sufficient assets and protections in place – particularly savings and insurance – that can smooth the impact of income volatility or expense fluctuations.

A crucial first step to financial stability is a quality job. We can generally assume that a good job, at a minimum, is safe, pays enough to live on, has regular and predictable hours, and offers essential benefits. Financial stability also involves having sufficient assets and protections in place – particularly savings and insurance – that can smooth the impact of income volatility or expense fluctuations.

Read the full article aboutthe American Dream by Lata Reddy at The Aspen Institute