What Does “Live Independently” Mean? Stats and Insights

Independence isn’t just about “making it on your own” or covering your bills—it’s about knowing the life you want and having the freedom to go after it, whether your dreams are emotional, financial, career-driven, or rooted in relationships.

Living independently is a journey—one that’s rich with self-discovery, empowerment, and freedom. For many young women, understanding what it truly means to live independently is the first step toward building a fulfilling, self-sufficient life.

But independence is personal. It can mean something different to each of us. So, as we dive into what “living independently” looks like, I’ve pulled together some eye-opening stats and insights to help us see where we stand today and where we’re headed.

Living Independently Today: A Snapshot

• Fewer than half (45%) of young adults ages 18 to 34 say they’re completely financially independent from their parents, though this differs widely by age. Among those not financially independent, 75% believe they’ll eventually achieve it, and parents are similarly optimistic.
• Only 48% of women feel confident about their finances, and just 28% feel empowered to take action.
• 37% of Gen Z reported receiving help from a mental health professional, compared to 35% of Millennials and 26% of Gen X, showing that Gen Z is more open to discussing and seeking help for mental health issues.

Emotional Independence: Building Inner Strength

• 84% of Gen Zers believe mental health is a crisis in the U.S., and they are over 80% more likely to report dealing with anxiety or depression compared to older generations.
• Only 31% of Gen Z and Millennial working women feel they have the resources to manage stress and burnout, compared to 50% of Boomer women, according to Fidelity.
• 88% of Gen Z women report experiencing stress from work.
• 91% of Gen Z adults report experiencing physical or emotional symptoms due to stress.

Financial Independence: The Freedom to Choose

• 60% of all women make financial decisions independently.
• About one in five Americans holds student debt, with most students graduating with around $30,000 in loans.
• The number of women saving for retirement is on the rise—68% in 2023, up from 66% in 2019.

The Intersection of Emotional and Financial Independence

• 94% of women believe they will be personally responsible for their finances at some point in their adult life.
• The percentage of women with an “excellent” credit score increased from 40% in 2017 to 53% in 2022.
• 58% of women feel somewhat or very confident in their ability to make good financial decisions, with confidence increasing with age and income.
• 80% of women want a promotion, up from 70% in 2019.
• 72% of people report spending more time on self-care between 2020 and 2022.

Why Live Independently?

The benefits of living independently are vast and deeply transformative, impacting every area of your life. Here’s how embracing independence can empower you:

• Pursue Your Passions: When you live independently, you have the freedom to focus on what truly matters to you. Whether it's starting a side hustle, traveling the world, or dedicating time to a creative endeavor, independence allows you to prioritize your dreams and interests without external pressures or obligations. It's about carving out the space to explore, experiment, and engage with the things that light you up.
  
  
• Build Confidence: Independence is a powerful confidence booster. As you navigate challenges, make decisions, and achieve your goals on your own terms, you develop a deeper sense of self-assurance. Each step forward, no matter how small, reinforces your belief in your abilities. Over time, you become more comfortable taking risks, asserting your needs, and trusting yourself—qualities that will serve you well in every aspect of life, from your career to your personal relationships.
  
  
• Experience Freedom: Independence grants you the liberty to make your own decisions, big or small, and live life by your own rules. You gain control over how you spend your time, money, and energy, allowing you to align your daily actions with your values and long-term goals. This freedom fosters a sense of ownership over your life and opens up new opportunities for personal growth and fulfillment. It means choosing the path that feels right for you, whether that’s pursuing a unique career path, moving to a new city, or simply deciding how to spend your weekends.
  
  
• Develop Resilience: Living independently teaches you to be resourceful and adaptable in the face of obstacles. Without relying heavily on others, you learn to solve problems creatively and bounce back from setbacks more quickly. This resilience builds inner strength and equips you with the tools to handle future challenges with grace and confidence.
  
  
• Create Your Own Identity: Independence allows you to define yourself on your own terms, free from societal or familial expectations. It encourages you to explore who you are, what you value, and what kind of life you want to create. This self-discovery process is empowering and fosters a strong sense of personal identity and purpose.
  
  
• Achieve Financial Freedom: When you manage your finances independently, you gain the power to make informed choices about your money. This might mean saving for a future goal, investing wisely, or simply enjoying financial security without debt. Financial independence gives you the flexibility to create a lifestyle that suits you, unburdened by financial constraints or dependencies.
  
  
• Enhance Emotional Well-Being: Emotional independence means cultivating a strong sense of self that is not overly reliant on the opinions, validation, or expectations of others. It involves setting healthy boundaries, practicing self-care, and developing emotional intelligence. This enhances your overall mental well-being, allowing you to maintain healthy relationships and enjoy a balanced, fulfilled life.

Living independently is about taking charge of your journey and creating a life that is uniquely yours. It’s a continuous process of growth, discovery, and empowerment that offers countless rewards. Embrace it, and unlock the potential to live a life that is as extraordinary as you are.

Take the First Step Toward Independence

Living independently is a journey filled with learning, growth, and transformation. It’s about taking control of your life and creating a path that resonates with your values and dreams.

By understanding and embracing what it means to live independently, you can set yourself on a path to a more fulfilling and self-sufficient life. Remember, it’s not just about being on your own; it’s about thriving on your own terms.

Embrace your independence, take action, and watch yourself flourish. The journey may be challenging, but the rewards are truly worth it.

Are you ready to unlock your potential? Get Your Path to Independence Guide—a comprehensive roadmap to career growth, financial literacy, and emotional well-being—and start your journey to independence today!

Sources

1. Pew Research Center. (2024). "Parents, Young Adult Children and the Transition to Adulthood"
2. Bank of America. (2022). “Bank of America Study Finds 94% of Women Believe They’ll Be Personally Responsible for Their Finances at Some Point in Their Lives”
3. VeryWellMind. (2023). “Why Gen Z Is More Open to Talking About Their Mental Health”
4. AECF. (2024). “Social Issues That Matter to Generation Z”
5. Fidelity. (2022). “Fidelity Study Finds More Than Half of Women Are Taking Control of Their Money in the Near-Term”
6. Fidelity. (2023). “Women’s History Month 2023 Survey”
7. Investopedia. (2024). “Survey: Women Are Confident Money Managers Who Crave Shame-Free Support”
8. Council on Foreign Relations. (2024). “Is Rising Student Debt Harming the U.S. Economy?”
9. Fidelity. (2023). “Fidelity Investments® Study: Women Tapping Into Their Financial Superpowers”
10. Recruitics. (2024). “2024 Women in the Workplace Insights”
11. Talker. (2022). “How Environmentally Friendly is Your Self-Care Routine?”