Approximately 55 percent of Americans with a job said that they would prefer to receive financial advice from someone knowledgeable on a one-on-one basis, according to a report from TIAA-CREF. Close to half of those polled noted that they are not sure who they can turn to for helpful financial guidance.
Those young people looking for advice also are confused. The report noted that more than 30 percent of those between the ages of 18 and 34 explained they are not even sure what to ask someone about improving their financial situation.
“Convenience, trust and time are key when it comes to receiving financial advice,” said Teresa Hassara, executive vice president of TIAA-CREF’s Institutional Business. “Today, more than ever, access to financial advice at work can help employees be more intentional about planning for the future and confident about their retirement security. With this being National Save for Retirement Week, employers have the perfect opportunity to talk with their employees about saving for retirement and encourage them to take advantage of the resources available through the workplace.”
More consumers feel good about retirement prospects
Not knowing where to turn to for financial advice can be problematic, but there are some individuals who still feel positive about their savings strategy for later in life.
More than 40 percent of Americans said that they are on pace to retire when they would like, according to a report from Ameriprise Financial. This is higher than the 37 percent who noted this last year.
The sentiment around retirement was rising in multiple ways. Close to two-thirds of those polled said that the thought of retirement makes them feel “positive,” while nearly half explained it gave them a “happy” feeling, the report showed. Despite this, just 19 percent felt their finances were very ready for their retirement. Another 28 percent felt they would be able to get to their retirement milestone.
“Feeling confident about retirement is essential, but perhaps not as important as taking steps to financially prepare for that retirement,” said Suzanna de Baca, vice president of wealth strategies at Ameriprise Financial. “Positive feelings supported by strong savings habits and careful planning are something to be proud of.”