Financial Independence Lags Among Millennials, Gen X, per Northwestern Mutual

Financial dependence is often associated with children and young adults, but many older adults still rely on parents for support. According to the section of Northwestern Mutual’s 2026 Planning & Progress Study dealing with financial independence, 53% of surveyed Millennials and 33% of Generation X respondents said they still rely on their parents financially.

Across all generations, 20% of respondents did not expect to ever achieve financial independence. The most doubtful subgroups were Generation X and Baby Boomers, with 22% of each group feeling unlikely to be self-sufficient. On average, respondents said they achieved, or expected to achieve, financial independence at age 37.

Previously released sections of the same study also showed retirement anxiety, particularly among Gen X respondents. In that data, 28% of older respondents said they were concerned about outliving their savings.

“This is a massive wake-up call for America,” said Jeff Sippel, Northwestern Mutual’s chief strategy officer, in a statement. “The ‘Great Wealth Transfer’ is real, but an inheritance isn’t something most Americans can rely on.” 

While 47% of Generation Z respondents said financial independence felt out of reach, older generations were even more likely to believe self-sufficiency has gotten harder to achieve. Sixty-six percent of Baby Boomer and 59% of Gen X respondents said achieving independence was more difficult now than for prior generations.

Sippel said the results reflect a broader shift in how Americans prepare for retirement.

“Boomers and Gen X have memories of their parents’ retirement—grounded in defined benefits and pensions—and see that their path will look very different,” Sippel said in his statement.

Young Optimism

Despite higher levels of dependence, younger respondents remained optimistic. Among those who reported being financially dependent, 82% of Gen Z respondents believed they would be financially independent someday. Only 27% of Baby Boomers and 51% of Gen Xers believed the same.

“It’s encouraging to see Gen Z bringing optimism. They also have something valuable on their side: time,” Sippel said in his statement. “For Millennials and Gen Xers who feel less certain, the door to independence has not closed. Americans at any age and stage can take a step toward self-sufficiency.”

When Northwestern Mutual asked whether respondents felt financially prepared to retire, the group with the most confidence was Gen Z (58%), followed by Millennials and Boomers (55% each).

The study was based on an online survey of 4,375 U.S. adults conducted by the Harris Poll from January 5 through 21.