Chicago Residents Expect to Achieve Financial Independence at 37

1 in 5 Chicagoans do not expect to become financially independent… ever

CHICAGO, June 3, 2026 – As the country approaches its 250th anniversary of independence, the climb to financial freedom is a top priority for those across the Chicago area. While the average American expects to achieve financial independence by age 37, residents in Chicago anticipate reaching this milestone at the exact same age.

Notably, one in five adults (20%) in Chicago believes they will never achieve financial independence.

According to the latest findings from Northwestern Mutual’s 2026 Planning & Progress Study, Chicago residents are slightly more likely than the national average to lack financial independence. Currently, 29% of Chicago residents do not consider themselves financially independent, compared to 28% nationally.

Chad McQuade, Private Wealth Advisor, 1893 Wealth Management: “The path to financial independence looks different for everyone, and while Chicagoans are tracking right alongside the national average, we know that building wealth requires a personalized approach. Whether you are just starting out or looking to protect what you've built, having a comprehensive plan can provide the reassurance and clarity you need to reach your goals."

The study reveals growing concern about the path to financial independence. In Chicago, 55% of residents say it is harder to achieve financial independence today than it was for previous generations, slightly less than the national average of 56%.

Furthermore:

·Confidence remains strong: 60% of Chicago residents who are not yet financially independent are confident they will achieve it someday, outpacing 56% nationally.

• Giving up hope: Among all Chicago residents, 20% expect they will never become financially independent, matching the 20% of all U.S. adults.

Said McQuade: “It is completely normal to feel overwhelmed by economic shifts, but you don't have to navigate them alone. By taking proactive steps today and working with a professional, you can build a resilient financial foundation that empowers you to achieve true independence."

About the 2026 Northwestern Mutual Planning & Progress Study 

The 2026 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,375 U.S. adults aged 18 or older. The survey was conducted online between January 5 and January 21, 2026. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available.

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.