Northwestern Mutual's 2025 Planning & Progress Study: Half of American Millionaires Think Their Financial Planning Needs Work

"Nearly half of American millionaires (49%) say their financial planning needs improvement, and only 36% describe themselves as wealthy. People who reached seven figures are reassessing their plans and finding them inadequate. The reality: if a million dollars does not feel like enough, the rest of the country has every right to ask what "on track" actually means in 2026."

"The big takeaway is that 79% of American millionaires describe their net worth as self-made, compared with only 12% who inherited it and the 5% who got it through a windfall. Roughly one in two still rate their own plan as inadequate, a gap that sits between net worth and confidence. Part of that gap stems from advisor usage: 74% of millionaires work with a financial advisor, more than double the 34% rate among the general population."

"Those with advisors feel significantly more secure and expect to retire two years earlier. Two years of retirement is a real number, suggesting the "needs improvement" verdict reflects the habit of constantly stress-testing a plan against the world around it rather than regret. The world surrounding these plans is not especially calming, and that backdrop shapes how even high‑net‑worth households interpret their own readiness."

"Inflation remains a persistent source of unease. The Consumer Price Index reached 330.213 in April 2026, near the top of its 12‑month range, signaling that price pressures have not fully settled. Core PCE, the Federal Reserve's preferred measure of underlying inflation, registered 129.28 in the same month and also sat near the upper end of its recent range. At the same time, the Fed has lowered its target rate by 0.75% over the past year and has held it at 3.75% since December 11, 2025."

Nearly half of American millionaires report their financial planning needs improvement, while only a minority describe themselves as wealthy. Many millionaires view their net worth as self-made, and a large share still rate their own plan as inadequate, creating a confidence gap between accumulated wealth and perceived readiness. Advisor usage is common among millionaires, and those who work with advisors report greater security and expect retirement about two years earlier. Inflation remains a persistent concern, with CPI and core PCE near the upper end of their recent ranges. The Federal Reserve has lowered its target rate by 0.75% over the past year and held it at 3.75% since December 11, 2025, influencing borrowing conditions and planning expectations.

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