Marylanders turning to cryptocurrency, high-risk financial options as residents experience elevated costs

BALTIMORE, March 10, 2026 – Nearly half (49%) of adults in Baltimore have become more risk-averse with their finances over the past year due to uncertainties with markets, the economy, jobs and more. This is well above the national average, in which only 44% of adults in the United States have reacted similarly with their finances.

Despite that increased aversion to risk for many Baltimore residents, investing in high-risk/speculative assets is fairly prominent in the area – with cryptocurrencies leading the way. Northwestern Mutual’s newly released 2026 Planning & Progress Study also revealed:

• 18% of those in Baltimore said they are currently investing in – or considering investing in – crypto over the next 12 months. This is quite a bit below the national average (24%) of those who are taking a similar financial approach with cryptocurrency.
• Additionally, 17% of those surveyed in Baltimore are – or will be – partaking in sports betting / prediction markets as part of their finances, along with 13% investing in options and 6% in meme stocks.

Among those in Baltimore who are going in the direction of high-risk/speculative assets, 77% say that they are doing so because they feel financially behind and believe these investments will help them reach their financial goals more effectively than traditional methods.

“Baltimoreans are feeling the squeeze from rising costs, and many say they’re falling behind financially — which helps explain why 77% of those are considering turning to speculative assets believing it will help them catch up,” said Bruce Palmieri, partner and wealth management advisor, Palmieri & Shannahan, a Northwestern Mutual Private Client Group in Baltimore. “That impulse is understandable, but chasing high-risk plays isn’t the only path to progress. Working with a financial advisor can help you evaluate alternatives, focus on the long term, balance risk, and build a plan that pursues upside while protecting your financial foundation.”

Open to taking job risk for potential upside

Overall, Baltimore ranks near the top among the large markets in this study for willingness to take employment risks when people believe those risks offer a greater chance of success or happiness. Some 35% of Baltimore residents said they would change employers or start a business for that potential upside, versus a 33% national average. Nationwide, more than two-thirds of Americans prefer the consistency and stability of staying with one employer rather than taking the risk of moving between jobs.

When faced with uncertainty or the unknown, Baltimore residents react with anxiety far more than the rest of the country (56% compared to 50%). The majority of respondents in the study across the United States shared that they react to those situations with caution (54% overall).

Baltimore Residents are also feeling the pinch far more than the national average in many key financial areas. Over the past three months, this is the percentage of those in Baltimore who shared that they personally experienced elevated costs for these essentials.

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. 

Northwestern Mutual Planning & Progress Study results are provided for informational purposes only. It does not constitute investment advice, a recommendation, or an offer to sell any securities or other financial instruments.

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