Consumer News: Nearly half of Americans say they’re still working toward financial independence

For many Americans, money can determine where they live, what they do, and whether they feel free to make their own choices

• Only 55% of Americans consider themselves financially independent, while 45% say theyre still working toward it.

• Money is keeping many Americans from making the choices they want, with 78% saying theyve felt financially trapped because they couldnt afford another option.

• Small financial changes can help people regain control, including tracking spending, investing early, managing debt and keeping an eye on credit.

Financial independence can sound like a simple milestone: Pay your own bills, support yourself, and make your own decisions. But for many Americans, getting to that point isnt so straightforward.

A new survey from MoneyLion finds that just 55% of Americans consider themselves financially independent today, while 78% say theyve felt financially trapped because they couldnt afford to make a different choice. Financial help from family members is also common, with nearly eight in 10 Americans saying theyve received financial support from a parent or relative at some point.

ConsumerAffairs spoke with Rudri Patel, Certified Financial Health Counselor at MoneyLion, who explained financial independence isnt just about having enough money it can shape the choices people feel theyre able to make in their everyday lives.

Methodology

According to MoneyLion, the survey was conducted among 1,000 Americans ages 18 and older from across the U.S.

Respondents completed 25 questions about financial independence, including their financial goals, income expectations, financial support from family, barriers to independence, financial regrets, financial education, and how money affects their everyday decisions.

The survey was conducted through PureSpectrum between July 13 and July 17, 2026.

Key Findings

The survey highlights just how difficult financial independence can feel for many Americans:

• 55% of respondents said they are currently financially independent, while 45% said they are still working toward it.

• Nearly 10% said they rely on others for help with bills and expenses.

• More than three in four Americans said money has kept them in a job, living situation, or relationship longer than they wanted to stay.

• 79% said they have received financial help from a parent or family member at least once, including about one-third who received help within the past year.

• Nearly 60% said they wish they had started saving and investing earlier.

• More than 76% believe it will be harder for future generations to achieve financial independence, with 40% saying it will be much harder.

• 28% pointed to the overall cost of living as a barrier to financial independence, while 27% said their income isn't high enough. Housing costs and debt were also cited as obstacles.

• 72% said their school or home didn't provide financial literacy education, with some wishing they'd learned more about budgeting and building good financial habits.

The financial obstacles

For those struggling with financial independence, the cost of living and overall income are two of the biggest obstacles.

Many Americans may feel like they are not doing their best to get out of their financial trap, Patel said. But that isnt the case.

The gap between what Americans earn and housing costs, transportation expenses, healthcare, and cost of living is widening. No matter what people earn, the target number edges higher. Of those surveyed, 28% blamed cost of living and 27% felt their income wasnt enough. Existing debt adds to the deck of feeling financially trapped.

Relying on others financially

Two findings that stand out from the study: nearly 80% of respondents have received financial help from family, and 10% of people fully rely on others financially.

The traditional timeline for independence and launching into the real world was 18, Patel said. The idea was that by your early twenties you wouldnt rely on your parents for your basic living expenses and needs. That definition has clearly shifted in the last 20 years.

It isnt that Americans arent launching from home, but its happening much later than early twenties. The later timeline reflects the current economic climate.

Tackling your finances today

If you feel stuck in your finances, Patel said there are ways to feel more in control of your finances.

Understand that youre not alone in striving for financial independence but not reaching that goal when you would like to, she explained. It doesnt mean that financial independence wont arrive for you, but you may need to be patient and lengthen your timeline.

Here are five tips that could potentially help you achieve financial independence faster:

1. Start investing now. Dont wait. At least 78% of Americans regretted postponing investing. Even $100 beats investing zero dollars.

2. Talk about money. Theres so much silence around money and that isnt helping. The survey reported that 72% didnt believe they received a proper financial education. The impetus is on you to ask questions. Talk to a financial representative about saving options or ask friends how they have cut costs or invested their money.

3. Track your spending. Knowing where your money is going is important in securing your financial freedom. Are you spending money on a subscription youre not using? Can you start dining in instead of dining out? Understanding where your money is going gives you the freedom to know what to eliminate.

4. Ask for a lower interest rate. If youve got several credit cards and have consistently made timely payments, you can call to see if you can secure a lower interest rate. Over time, that interest saved can be deposited into an emergency fund.

5. Pull your credit report. Your credit score is a gateway into saving money. A high credit score means a lower rate on a personal or car loan or mortgage. Knowing your number can unlock savings.

Its crucial to understand that the metrics around financial independence have changed and so it isnt that youre not working hard enough, Patel said. Youll have to pivot not only financially but shift your mindset as well.

The system isnt as forgiving. Costs are up in virtually every category: housing, healthcare, transportation and day-to-day expenses. But that doesnt mean its hopeless. Small consistent changes year after year can help get you a little closer to minimizing the gap.