More women are looking for financial advice, but a growing number are finding it difficult to know whom to trust, according to a TIAA-CREF survey released Wednesday.
The number of women interested in receiving financial advise increased by 9 percentage points from 2013 to this year, with one-third of women respondents saying they want advice. But two-thirds say they find it hard to know what sources to trust, compared to 48 percent who felt the same last year.
Women also increasingly say it is difficult to find the time to look for financial advice (39 percent in 2014 versus 30 percent in 2013).
The TIAA-CREF survey included 1,000 American adults, 520 of whom were women, for the annual Advice Matters Survey.
Getting financial advice increases women’s feelings of confidence, with 63 percent of women who have received advice saying they feel confident, compared with 45 percent of women who have not received advice, according to the survey.
Women who have taken advantage of financial advice are more likely to feel informed about retirement planning and retirement savings (81 percent versus 63 percent), according to the survey. Women are likely to act on advice once they receive it, with 87 percent saying they took positive steps after receiving advice.
“Professional, personalized financial advice is out there, but women often get sidetracked by a number of barriers,” says Kathie Andrade, executive vice president and head of Individual Advisory Services at TIAA-CREF.
“It’s encouraging to see women really embrace the counsel they receive and use it to their advantage,” she adds. “With women typically saving less for retirement than men, any strides toward improving financial well-being and retirement security should be applauded—and then used as a stepping stone toward the next financial goal.”