ATLANTA — A new survey suggests financial independence remains out of reach for many Americans.
According to Northwestern Mutual, 42% of Americans age 18 and older say they rely on their parents for financial help. The survey found that includes about one-third of Gen X respondents.
The survey also found that 20% of Americans believe they will never achieve financial independence.
A private wealth advisor with Northwestern Mutual says inflation and rising living costs, particularly housing expenses, are making it more difficult for people to become financially independent by increasing everyday costs.
Bloomberg’s Gina Cervetti contributed to this story.