2025 NORTHWESTERN MUTUAL PLANNING & PROGRESS STUDY
Majority of Americans Say "Seek Financial Advice Before Age 40," According to Northwestern Mutual Planning & Progress Study
Nearly half of Gen Z say "buying a house" is the milestone they're most concerned about
About 30% of Gen Z say biggest concern is being able to afford having children
Gen Z'ers expect to get married, buy a home, start a family, and retire later than their parents – but they started working with a financial advisor earlier than any generation before them
MILWAUKEE, May 6, 2025 /PRNewswire/ -- The majority (55%) of Americans believe that to achieve long-term financial security, it is "highly important" or "critical" to get professional financial advice between the ages of 25 and 39.
Meanwhile, Gen Z is redefining how they approach and prioritize major financial milestones, from getting married, to buying a house, to having children, to retirement. In fact, Gen Z'ers expect to reach these key moments later in life than their parents. And as America's youngest adults navigate these shifting timelines, more and more are turning to financial advisors for help – and at a significantly earlier age than previous generations.
These are some of the latest findings from Northwestern Mutual's 2025 Planning & Progress Study, the company's proprietary research series that explores Americans' attitudes, behaviors, and perspectives across a broad set of issues impacting their long-term financial security.
'Get professional advice by age 40 to achieve financial security,' says majority of Americans
The majority (55%) of Americans believe that to achieve long-term financial security, it is "highly important" or "critical" to get professional financial advice between the ages of 25 and 39. The good news is that Gen Z'ers and Millennials recognize the need and are taking action.
More than eight in 10 Gen Z'ers (81%) and Millennials (82%) say their financial planning needs improvement, and over a quarter of each (28% of Gen Z and 26% of Millennials) say they have gotten professional advice from a financial advisor for the first time within the last year.
Among those young adults, the top reason was to help build and stick to a comprehensive financial plan focused on both growing and protecting their wealth. Interestingly, one-third (32%) of Millennials say it was to help them better align their finances with their personal values and causes they care about the most.
Reasons for seeking professional advice from a | U.S. Adults | Gen Z | Millennials |
To help me build and stick to a comprehensive financial | 34 % | 32 % | 37 % |
To help manage my investment portfolio | 33 % | 22 % | 26 % |
To help me plan / save for retirement | 31 % | 27 % | 29 % |
To grant me peace of mind that my finances will stay on | 26 % | 26 % | 26 % |
To help better align my finances with my personal | 25 % | 24 % | 32 % |
To save me time managing my finances | 25 % | 25 % | 28 % |
To help prepare for potential shifts in economic policy | 23 % | 24 % | 23 % |
To help navigate volatility in the markets / economy | 22 % | 20 % | 18 % |
To minimize the tax impact of my portfolio | 22 % | 16 % | 22 % |
My assets reached a level where professional guidance | 20 % | 18 % | 20 % |
To help me identify and address blind spots or gaps | 19 % | 22 % | 24 % |
I experienced a major life event (got married, got | 15 % | 17 % | 20 % |
To help navigate a financial windfall (inheritance, | 13 % | 14 % | 19 % |
"Young adults today value advice and are actively taking steps to get it," said Kamilah Williams-Kemp, chief product officer, Northwestern Mutual. "It's interesting and notable too that they're looking not just to grow and protect their wealth but to tailor their plans to reflect their personal goals and values. This level of intentional planning is impressive and can make a huge difference over the course of a lifetime."
Most young adults want to be homeowners and parents but aren't sure they can afford it
Gen Z adults who want to start a family say they hope to have an average of 3.4 children – more than Millennials (2.9), Gen X (2.6), and Boomers+ (2.4).
However, a large number of Gen Z'ers are concerned they won't be able to afford kids. Three in ten (29%) say having children is one of their greatest affordability concerns, second only to buying a house (46%). That's more than the 16% of Millennials who are concerned about having children, and the 31% who say the same about buying a house.
Milestones most concerned about being able to | U.S. Adults | Gen Z | Millennials |
Retirement | 40 % | 21 % | 36 % |
Having long-term care protection in place should it be | 30 % | 21 % | 26 % |
Buying a house | 23 % | 46 % | 31 % |
Paying off my mortgage | 21 % | 17 % | 24 % |
Making a major/large purchase (vacation home, car, | 19 % | 24 % | 24 % |
Leaving an inheritance | 19 % | 11 % | 19 % |
Having children | 11 % | 29 % | 16 % |
Paying for my own college/higher education | 9 % | 24 % | 10 % |
Getting married | 8 % | 21 % | 10 % |
Those concerns about the cost of childcare are well-founded. In fact, about two-thirds of Gen Z and Millennials who have at least one child say that the amount they spend on raising children is the same or more than the cost of their rent or home mortgage.
Do you estimate the amount you spend on your children each | Gen Z | Millennials |
More | 41 % | 42 % |
The same | 26 % | 30 % |
Less | 17 % | 22 % |
I don't pay rent or a mortgage | 16 % | 6 % |
"Our findings highlight a powerful disconnect: younger generations want to become parents, but financial uncertainty is holding them back," said Williams-Kemp. "That's a strong takeaway and a call to action for financial advisors who are working with Gen Z and Millennials today. Careful planning could help these young adults build the families they dream about."
Altered timelines
According to the research, Gen Z and Millennials expect to reach a range of major financial life milestones later in life than their parents.
Getting married | Gen Z | Millennials |
Plan to reach later in life than my parents did | 40 % | 35 % |
Plan to reach earlier in life than my parents did | 23 % | 23 % |
Plan to reach around the same age my parents did | 18 % | 22 % |
Buying a house | Gen Z | Millennials |
Plan to reach later in life than my parents did | 37 % | 34 % |
Plan to reach earlier in life than my parents did | 28 % | 28 % |
Plan to reach around the same age my parents did | 18 % | 21 % |
Having children | Gen Z | Millennials |
Plan to reach later in life than my parents did | 39 % | 30 % |
Plan to reach earlier in life than my parents did | 23 % | 27 % |
Plan to reach around the same age my parents did | 17 % | 22 % |
Retirement | Gen Z | Millennials |
Plan to reach later in life than my parents did | 43 % | 41 % |
Plan to reach earlier in life than my parents did | 20 % | 21 % |
Plan to reach around the same age my parents did | 15 % | 19 % |
However, when it comes to professional financial advice, Gen Z'ers who work with an advisor started doing so at age 23 – more than two decades earlier than Boomers+. Millennials began working with an advisor at age 30, a decade earlier than Gen X and nearly 20 years earlier than Boomers+.
U.S. Adults | Gen Z | Millennials | Gen X | Boomers+ | |
Age started working with a | 38 | 23 | 30 | 40 | 49 |
"Gen Z and Millennials are charting a new course when it comes to financial planning," added Williams-Kemp. "Their timelines for achieving major life milestones are being reshaped by a combination of evolving personal priorities and the very real economic challenges facing Americans today. That's why it's encouraging to see young adults turning to professional financial advice earlier. By working with a financial advisor while they are still young, Gen Z and Millennials can gain the tools and confidence they need to navigate their unique paths toward financial success."
Advisors remain the most trusted source for financial advice in America
U.S. adults say they trust financial advisors more than any other source for financial advice by a wide margin. One-third (33%) of Americans trust financial advisors the most – nearly double the #2 source of advice (family members) and triple the #3 source (spouse / partner).
Gen Z stands out slightly as the only generation to identify family members as the most trusted source of financial advice, followed closely by financial advisors.
Most trusted source of | U.S. Adults | Gen Z | Millennials | Gen X | Boomers+ |
Financial advisor | 33 % | 26 % | 30 % | 36 % | 40 % |
Family member | 17 % | 29 % | 16 % | 16 % | 10 % |
Spouse / partner | 11 % | 10 % | 14 % | 11 % | 11 % |
Business news | 5 % | 2 % | 5 % | 5 % | 6 % |
Friend | 4 % | 6 % | 5 % | 3 % | 2 % |
Online financial influencers | 4 % | 7 % | 5 % | 3 % | 1 % |
Trade associations (e.g., | 2 % | 2 % | 2 % | 2 % | 1 % |
Local news | 2 % | 3 % | 3 % | 2 % | 1 % |
I have not received financial | 22 % | 15 % | 20 % | 22 % | 28 % |
"These results speak to the power that parents have in helping their children build financial security," said Williams-Kemp. "Young adults trust their parents. If parents share their financial plans with their children and encourage them to build plans of their own with the help of an expert advisor, many more young people could free themselves from the intense financial anxiety they feel."
To help more Americans build financial security, Northwestern Mutual aims to recruit more than 5,000 financial professionals in 2025.
About the 2025 Northwestern Mutual Planning & Progress Study
The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between January 2 and January 19, 2025. 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 nearly $700 billion of total assetsi being managed across the company's institutional portfolio as well as retail investment client portfolios, more than $38 billion in revenues, and $2.4 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 110 on the 2024 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2025.
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 client assets held or managed by Northwestern Mutual.
SOURCE Northwestern Mutual
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