The study was conducted online in the U.S. by The Harris Poll among 510 advisors and financial professionals and 2,007 investors with at least $10,000 in investable assets. Millennials were defined as those aged 29 to 44 years old.
Once considered a cornerstone of wealth-building, homeownership is now viewed as a barrier to retirement readiness. About 35% of respondents cited rising housing costs — including rent, mortgage payments, property taxes and other expenses — as the biggest obstacle to preparing for retirement.
That figure surpassed concerns over market volatility and economic uncertainty (29%), insufficient retirement income (28%), and financial support for children or aging parents (27%).
When asked which type of debt poses the greatest threat to a secure retirement, 46% pointed to mortgage or home equity loans, followed by credit card debt (39%) and medical or healthcare debt (37%).
Despite these pressures, Millennials are taking action. Since early 2025, many have adjusted their retirement strategies in response to inflation (67%), international trade policy (64%) and rising housing costs (60%).
Amid what the study calls “housing-retirement tension,” Millennials are proactively investing: half have opened retirement accounts such as IRAs or 401(k)s, and 22% have opened brokerage accounts to plan for the future. Still, 22% worry their savings won’t last more than 14 years, and 10% say their retirement funds are already dwindling.
Interestingly, while Millennials cite housing costs as their top challenge, financial advisors see things differently. Eighty-two percent of advisors said healthcare expenses are the most significant factor affecting Millennials’ retirement readiness — compared to only 9% who cited housing prices or mortgage rates.
“Our survey data shows a disconnect, highlighting an opportunity for advisors to take a step back and ensure they are listening to Millennials’ goals and addressing their concerns before offering solutions, whether those solutions are for short-term or long-term life events,” Pérez said.