Tampa Bay, March 12, 2025 – Inflation continues to sting in Tampa Bay, with significant numbers of local adults surveyed saying elevated prices are having a large impact on their finances. Meanwhile, among people who don’t own a home, the majority say homeownership will never be affordable – not now, not ever.

These are among the topline findings from Northwestern Mutual’s newly released 2025 Planning & Progress Study, the company’s proprietary research series that explores the attitudes of people in Tampa Bay and across the country – their attitudes, behaviors and perspectives across a broad set of issues impacting their long-term financial security.

The study finds that about half (48%) adults in Tampa Bay believe inflation will increase in 2025, on par with adults nationally (51%). Furthermore, 63% of Tampa Bay adults say inflation is the dominant concern that could impact their finances this year, and nearly half (47%) rank inflation as the #1 obstacle to achieving financial security.  

At the same time, 60% of those in Tampa Bay believe their household income is growing slower than inflation. That’s more than seven times greater than the 8% who say their income is growing faster than inflation, while nearly one fourth (24%) believe their income is on pace with inflation.   

Feeling the sting 

Inflation is hitting people locally everywhere – from the grocery aisle, to the gas pump, to their childcare expenses and more. 

A large majority (84%) in Tampa Bay say they have experienced elevated grocery costs in the last three months. Nearly seven in ten (69%) experienced elevated utility costs, while 61% experienced elevated gas costs, 64% experienced elevated housing expenses and 17% experienced elevated childcare expenses.  

Not surprisingly, four in ten (40%) Tampa Bay adults indicate they feel financially secure. Meanwhile, just over a third (34%) say they do not feel financially secure. And just 43% of adults consider themselves to be “disciplined planners.”

"Inflation continues to be a significant challenge here in Tampa Bay," said Joe Garrisi, CLU, RICP, wealth management advisor, Northwestern Mutual’s Backwards Planning Financial. "Many people are feeling the strain, regardless of their income levels. The critical question is what can be done about it, and it's a personal decision for Tampa residents. There's no better time than now for people to assess their current situation, identify their goals, and explore various options to control their financial future, and a qualified financial advisor is a great place to start."

Credit cards are top source of debt

Across all residents surveyed, the primary source of non-mortgage debt by far is credit cards, accounting for twice the #2 source (car loans) and three times the #3 source (medical debt).  The study also found that 64% of adults in Tampa Bay say they prioritize paying down debt versus 36% who prioritize saving. 

Among those in Tampa Bay who carry personal debt, 42% owe less than $5,000, exclusive of mortgages. 

Home ownership feels out of reach for many  

Among Tampa Bay residents who are not currently homeowners, well over half (61%) say that owning a home will never be financially affordable – now or in the future.  

About half of Tampa Bay adults (54%) believe the American Dream is alive and well, and 49% believe it is attainable for most Americans. People are more optimistic about their personal situations, with 71% considering the American Dream attainable for themselves. 

But there is some evidence the vision of the American Dream is shifting. While almost three-quarters of local adults (72%) say that home ownership is essential for building wealth, nearly two-thirds (64%) believe it is possible to achieve financial security without owning a home. 

"Today, the people of Tampa Bay are redefining what it means to achieve financial security," said Garrisi. "While traditional paths like homeownership may seem out of reach for some, there are other ways to build long-term wealth, such as investing in the stock market. Remember, you don't have to navigate this journey alone. A financial advisor can help you create a personalized roadmap that aligns with your personal goals and circumstances."

About?The 2025 Northwestern Mutual Planning & Progress Study 

The 2025 Planning & Progress Study was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults aged 18 or older. The survey was conducted online between January 2 and January 19, 2025. Data are weighted where necessary by age, gender, race/ethnicity, region, education, marital status, household size, household income, and propensity to be online to bring them in line with their actual proportions in the population. A complete survey methodology is available. 

About Northwestern Mutual  

Northwestern Mutual has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what's most important. With nearly $700 billion of total assets¹ being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $38 billion in revenues, and $2.4 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranked 110 on the 2024 FORTUNE 500 and was recognized by FORTUNE® as one of the "World's Most Admired" life insurance companies in 2025.

Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM), Milwaukee, WI (life and disability insurance, annuities, and life insurance with long-term care benefits) and its subsidiaries. Subsidiaries include Northwestern Mutual Investment Services, LLC (NMIS) (investment brokerage services), broker-dealer, registered investment adviser, member FINRA and SIPC; the Northwestern Mutual Wealth Management Company® (NMWMC) (investment advisory and services), federal savings bank; and Northwestern Long Term Care Insurance Company (NLTC) (long-term care insurance). Not all Northwestern Mutual representatives are advisors. Only those representatives with "Advisor" in their title or who otherwise disclose their status as an advisor of NMWMC are credentialed as NMWMC representatives to provide investment advisory services.

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[1] Includes investments and separate account assets of Northwestern Mutual as well as retail investment client assets held or managed by Northwestern Mutual.