• by Sarah Mahoney  @mahoney_sarah, January 13, 2010

While moving up the socioeconomic ladder may be the classic American dream, 70% of consumers think it's much tougher than it used to be to do so, according to a new survey from Bankrate.com. Ten years ago, only 38% said so. And while a third believe they will probably accumulate some wealth, 63% say it's not likely that they will get rich.

The overwhelming majority -- 95% -- are taking some steps to improve their fortunes. "But I found it very surprising that only 52% of Americans said they were saving regularly," Bankrate staff writer Sheyna Steiner tells Marketing Daily.

"And I found it strange that 15% said the most likely way for someone to get rich today is through the lottery or an inheritance, and that answer tied with the number who said live frugally and save money. Living frugally and saving money may not make you incredibly rich, but it is certainly more likely than winning the lottery." About 75% have cut back on purchases, and 78% are avoiding "luxury goods or unnecessary items."

Only 21% say that traditional investments are a feasible route to wealth; 12% believe that investing well in stocks and bonds will provide them with financial freedom, while 9% think that investing in real estate is the best way. "The implications for the economy and the country are not good," she says. "When people feel pinched economically, they stop spending, and stop taking risks with their money -- investing in themselves and starting businesses."

The poll found that family is the No. 1 motivation for wealth-building, with 41% saying they want to provide a better life and future for their children, and 18% saying they'd like to care for parents and other family members. The major obstacles? Some 27% say they have too many bills to get ahead, 27% say they don't have enough income, and 11% say they have too much credit card debt.

The study was conducted for Bankrate by Princeton Survey Research Associates International, and polled about 1,000 adults.