“Financial independence" study: 38% of Milwaukeeans feel financially secure

FRANKLIN, Wis. - A recent survey about personal finances reveals a lot of us are making some costly mistakes.

Financial mistakes most make

The backstory:

"I think my retirement is going wonderful!" said Ann Binder Schaefer as she sat with her family in Franklin at her financial planner’s office. 

When Binder Schaefer started planning for retirement 23 years ago, she thought about traveling, being financially secure and having enough money saved to help her whole family. 

"We took care of me, but we took care of all of us," Binder Schaefer said.

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When her son and daughter-in-law started thinking about buying a house, mom stepped in. 

"After seeing so many houses and kinda getting so many declined offers," said son Nick Caruso-Schaefer, "We lost morale pretty quickly – early on, honestly."

Binder Schaefer handed over $20,000 to help Nick and Catie Caruso-Schaefer buy their first house. They got the keys to their place in Greenfield last summer – just before baby Ella was born.

"It helped prevent us from being house-poor taking on a larger monthly payment than we could handle," noted Caruso-Schaefer.

Parents helping kids

Dig deeper:

It turns out parents helping their kids buy a house is becoming the norm in America. 74% of parents with kids at home are considering or have already helped their kids buy a home. More than half of parents say buying a house is just as important as paying for college.

The statistics come from Northwestern Mutual’s annual Planning and Progress study. With the nation’s 250th anniversary fast approaching, this year’s theme is "Financial Independence."

Feeling more financially secure

By the numbers:

"We’re seeing good news, nationally, that people are starting to feel a little bit more secure. Confident," said Mindy Wilke. 

Wilke is a Private Wealth Management Advisor and Founder of Wilke Wealth & Investment Planning in Franklin. While the number of people who say they feel financially secure has increased since last year, 42% of adults say they still rely on their parents for financial help.

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Looking just at Milwaukee, Wilke said "We just haven’t caught up yet. Our income and expenses – our expenses are rising but our incomes haven’t quite caught up."

The study finds only 38% of Milwaukeeans feel financially secure. The only city to rank lower is Indianapolis. Most respondents said they feel like their income isn’t keeping up with inflation. 

90% of people in Milwaukee point to an increase in grocery prices as one reason for falling behind.

Risky behavior:

There’s another problem that’s raising concerns – young people who feel behind financially are banking on cryptocurrency, sports betting and prediction markets to catch up. 

"Most of the younger generation don’t feel prepared," Wilke said. "They don’t feel they have enough money – they’re willing to take a risk. They believe if they take a risk, that these risky type assets – they could leapfrog ahead."

Wilke said Milwaukee fares slightly better here. She chalks it up to our Midwestern values. 39% of adults nationwide are investing in or considering these "speculative" assets compared to 31% in Milwaukee. 

"It’s an alternative investment. In the order of priorities – alternative investments really come last," Wilke said.

Wilke said a solid financial plan and saving regularly is a better way to achieve goals. And it all circles back to another way many people build wealth – home ownership. 

"I do believe people still have the feeling that if I own my home, no matter what happens to us, we’ll be OK," Wilke said.

Compared to 2025, more Gen Z and Millennials believe homeownership is affordable now or will be in the future.

Back to family:

Binder Schaefer said her parents helped her out when she was buying a home. Now she’s helping her kids and grandkids get on their feet. 

"It was honestly my pleasure to be able to be in a position to help my children as well," Binder Schaefer said.