More people than last year are seeking advice on how to save for retirement and how to make their retirement money last, according to a TIAA-CREF survey released Tuesday.
In 2013, 63 percent of Americans who received financial advice sought information on saving for retirement, as opposed to 52 percent in 2012, the survey says. At the same time, 54 percent of Americans who received advice say they were looking for how to make their retirement savings last, a 9 percentage-point increase over 2012.
The TIAA-CREF second annual Financial Advice Survey included 1,000 Americans 18 years of age or older. TIAA-CREF is a national financial services organization with $523 billion in assets under management.
While more people are seeking retirement advice, nearly half (48 percent) are struggling to find an advisor who they can trust, the survey says, and 37 percent say they do not like talking to anyone about their finances.
Money and time are also drawbacks to seeking advice. Forty percent say financial advice costs more than they can afford and one third say they lack the time to seek advice.
“When it comes to financial advice, trust and personal touch are key if we expect individuals to take action,” says Eric Jones, senior managing director of advisory services at TIAA-CREF.
Different demographic groups have different attitudes toward financial advice and planning, the survey found. Members of Gen X, those 35 to 44 years old, were the most likely to seek retirement advice. Eighty percent of Gen Xs seeking financial advice are looking for more guidance about how to prepare for retirement. Gen X also is the largest segment of the American population to rely on financial service provider Web sites or online tools for financial advice, the survey says.
Among all age groups, Gen Y members, those between 18 and 34 years of age, are the most likely to say they are not at all informed or only a little informed about retirement planning. Forty-three percent of Gen Ys claim that they lack adequate retirement planning information.
The survey found that women are less confident that they are saving enough for retirement than men. Just 56 percent of women say they are confident that they are saving enough, in comparison to 65 percent of men. Women continue to rely more on friends and family for financial advice, while men are more likely to rely on financial service provider websites and online tools.
More than any other segment of the American population, those nearing retirement (55 to 64 years of age) have the highest percentage that say they are informed about retirement (87 percent). At 85 percent, this age group also is the most likely segment of the American population to act on the financial advice they receive some or most of the time.