Most Americans say it’s “highly important” or “critical” to get professional financial advice between the ages of 25 and 39 to achieve long-term financial security.
That’s according to Northwestern Mutual’s 2025 Planning & Progress Study, which explores Americans’ attitudes, behaviors and perspectives on issues affecting their long-term financial security.
According to the survey, Gen Z is taking a different approach on major financial milestones, including marriage, buying a house, having children and retirement. Gen Z’ers say they expect to reach these 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.
The majority of survey respondents (55%) say that to achieve long-term financial security, getting professional financial advice between the ages of 25 and 39 is “highly important” or “critical.” Gen Z’ers and Millennials are taking action.
According to the report, 81% of Gen Z’ers and 82% of Millennials acknowledge their financial planning needs improvement, and 28% of Gen Z and 26% of Millennials say they obtained advice from a financial advisor for the first time within the past year.
Among the two groups, the top motivation was to build and stick to a comprehensive financial plan designed to grow and protect their wealth. Additionally, 32% of Millennials said they also wanted to better align their finances with their personal values and causes they care about.
“Young adults today value advice and are actively taking steps to get it,” Kamilah Williams-Kemp, chief product officer, Northwestern Mutual, said in a news release. “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.”
Like past generations, most young adults want to be parents and homeowners but fear they may not be able to afford it
Gen Z’ers planning to have family hope to have an average of 3.4 children. That’s more than Millennials (2.9), Gen X (2.6), and boomers+ (2.4).
But many Gen Z’ers worry they won’t be able to afford children, with 29% saying it is one of their greatest affordability concerns, second to a home purchase (46%). In comparison, 16% of Millennials are concerned about having children, and 31% say the same about buying a house.
The authors write that young adults have good reason to be concerned about the cost of childcare. About two-thirds of Gen Z and Millennials who have at least one child say that the amount they spend on raising them is the same or more than their mortgage or rent.
“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.”
Although Gen Z and Millennials expect to reach major financial life milestones later in life than their parents, they are seeking professional financial advice earlier. Gen Z’ers who work with an advisor started doing so at age 23, over 20 years earlier than boomers+. Millennials began working with an advisor at age 30.
“Gen Z and Millennials are charting a new course when it comes to financial planning,” Williams-Kemp said. “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.”
Financial advisors are trusted for financial advice more than any other source by a wide margin. According to the survey, 33% of Americans trust financial advisors the most, almost twice the no. 2 source of advice (family members) and three times the no. 3 source (spouse/partner).
However, Gen Z bucks the trend, being the only generation to identify family members as the most trusted source of financial advice, followed closely by financial advisors.
“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.”
Northwestern Mutual reported in the release that it plans to recruit more than 5,000 financial professionals in 2025.
