Milwaukee Mirrors National Struggles with Financial Independence as Many Still Rely on Family Support

As the nation approaches its 250th anniversary of independence, many Americans are still seeking financial independence—and the picture in Milwaukee closely reflects national trends.

Nationwide, 42% of adults report they still rely on their parents financially, compared with 37% in Milwaukee.

Conversely, just 44% of Americans say they feel fully independent from their parents, compared to 48% in Milwaukee, indicating slightly stronger self-sufficiency locally—even as dependency remains a reality for many.

“Financial independence looks different for every person, but what we see here in Milwaukee is that even those who feel independent are still navigating real financial pressures,” said Flory Jerez‑Villaseñor, financial advisor at Northwestern Mutual in Milwaukee.

Many Still Rely on Family Support

Despite a historic $124 trillion “Great Wealth Transfer” underway, many Americans continue to depend on their parents. Nationally, 42% report financial dependence.

In Milwaukee, while dependency levels are lower overall (20% vs. 25% nationally for those somewhat or fully dependent), the need for support remains significant—especially among younger generations.

At the same time, about 1 in 5 Americans (20%) say they never expect to become financially independent, compared with 19% in Milwaukee, showing similar long-term uncertainty locally.

“The fact that nearly one in five people—both nationally and here in Milwaukee—don’t think they’ll ever reach financial independence is a clear sign people need more guidance and a plan,” Jerez‑Villaseñor added.

It’s Getting Harder—Especially in Milwaukee

A majority of Americans (56%) say it is harder to achieve financial independence today than it was for previous generations.

In Milwaukee, that sentiment is even stronger: 65% say achieving financial independence is harder, significantly above the national average.

Meanwhile, only 16% of Milwaukee residents say it’s easier today, compared to 20% nationally.

Across both national and local data, the perception is clear: financial independence is becoming more difficult across generations.

“Milwaukee residents are telling us loud and clear that the financial path forward feels tougher than it used to,” said Jerez‑Villaseñor. “Rising costs, debt, and uncertainty are making it harder for people to feel in control.”

Confidence Varies, But Hope Remains

Nationally, among those who are not financially independent, 56% say they are confident they will get there someday.

The average age Americans expect to achieve financial independence is 37, nearly mirroring Milwaukee’s 38 average, suggesting similar financial timelines locally.

“Even though the journey may be long or complicated, people shouldn’t lose confidence,” said Jerez‑Villaseñor. “With the right financial plan, independence is still 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 aged 18 or older between January 5 and January 21, 2026. Market-level data includes oversamples from cities including Milwaukee.

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.