San Diego Residents Feel the Strain: Financial Independence Remains a Challenge for Many

As the nation approaches its 250th anniversary of independence, achieving financial independence remains a challenge for many Americans—and San Diego residents are feeling similar pressures.

Nationally, 42% of adults say they still rely on their parents financially, compared to 45% in San Diego.

“Even in a strong market like San Diego, many people are still navigating the path to true financial independence,” said Luis Menjivar, financial advisor at Northwestern Mutual and based in La Jolla. “Feeling independent and being fully prepared financially aren’t always the same thing.”

Family Support Still Plays a Role

Despite a historic $124 trillion “Great Wealth Transfer” underway, reliance on family financial support remains widespread.

At the same time, 20% of Americans say they do not expect to ever achieve financial independence, compared to 19% in San Diego, suggesting similar long-term concerns locally.

“When nearly one in five people don’t believe financial independence is attainable, it highlights a need for stronger financial planning and education,” Menjivar added.

Achieving Independence Feels Increasingly Difficult

Across the U.S., 56% of adults say it is harder to achieve financial independence today than it was for previous generations.

That sentiment is even more pronounced in San Diego, where 65% say it’s harder, significantly above the national average.

Meanwhile, just 17% of San Diego residents say it’s easier today, compared to 20% nationally.

Across both national and local data, the perception is consistent: financial independence is becoming more difficult to obtain.

“San Diego’s cost of living is a major factor shaping how people think about their financial futures,” said Menjivar. “It’s not surprising that more residents feel the bar for independence has gotten higher.”

Confidence and Timelines Remain Steady

Nationally, among those who are not financially independent, 56% say they are confident they will achieve it eventually. Meanwhile, 59% of San Diegans reported they feel the same.

The average age Americans expect to reach financial independence is 37, compared to 37in San Diego, showing nearly identical timelines.

“While the path may be long, many San Diegans believe they’ll get there,” Menjivar said. “Having a clear, personalized financial plan can make that journey more achievable.”

About the Study

The 2026 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,375 U.S. adults age 18 or older between January 5 and January 21, 2026, including market-level oversamples such as San Diego.

About Northwestern Mutual

Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With more than $780 billion of total assets¹ managed across the company's institutional portfolio as well as retail investment client portfolios, more than $40 billion in revenues, and $2.5 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life insurance, disability income insurance, long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 109 on the 2025 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2026.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services. 

¹ Includes investments and separate account assets of Northwestern Mutual as well as retail investment assets held or managed for clients.