Low-cost options like robo-advisors and products like ETFs are underutilized by their target market, Andrade says, because there’s a lack of understanding of their accessibility and affordability.

“I would say that technology represents a wonderful opportunity for the industry in general,” Andrade says. “Individuals who were traditionally underserved, we now have an opportunity to serve them directly.”

But there’s also room for improvement in the quality and quantity of advice offered online. Eighty-one percent of respondents said it would be helpful to get online advice specifically designed for their age group to ensure they have guaranteed income in retirement.

“I would say that we have just scratched the surface of what technology is going to do to the industry,” Andrade says. “We are in a very interesting time relative to being able to leverage technology to better serve people, and the technology will continue to evolve. There’s a lot more to come, its something that we welcome.”

Women in particular suffer a lack of financial planning. TIAA-CREF found that while 56 percent of men say they have received financial advice, just 43 percent of women report the same. Women were more likely to cite a lack of assets as the reason for not seeking advice.

“This is especially concerning, since women are going to control 70 percent of the wealth in this country in the coming years,” Andrade says. “It's a combination of things: the reluctance because women lack confidence at a greater rate than men. They feel that they don’t have enough saved to warrant going out and seeking advice, and time constraints. Women are working more than ever before and they feel that they don’t have the time to take out of their schedule, especially if they’re taking care of elderly parents or children. When they do reach out, they are more likely to take action than men.”

TIAA-CREF surveyed 2,000 U.S. adults online in August.

The study also found that:

79 percent of Investors who met with an advisor calculated their retirement income needs, versus just 32 percent who did not meet with an advisor.

Millennial respondents, at 42 percent, were the least likely to have received professional financial advice.