At least two-thirds of American investors saving for retirement do not have an advisor, despite the risk of going it alone, according to the second annual F&G Risk Tolerance Tracker study.

Directions Research, on behalf of F&G, conducted an online survey in September and October of 1,676 U.S. adults aged 30 and older nationwide. 

F&G’s Risk Tolerance Tracker found that while American investors continue to be risk averse when it comes to their finances, only 69% said they felt that way in 2021 compared with 74% in 2020, with fewer Gen X respondents being risk-averse (67% in 2021 versus 72% in 2020) than baby boomers (70% in 2021 versus 75% in 2020).

F&G also surveyed respondents as to whether they were open to exploring a new financial product they hadn’t used before, such as an annuity. One-third (36%) said they were, compared with 28%  in 2020. But despite their growing interest, only 15% of respondents said they owned one or more annuities. Even among baby boomers, the generation closest to or already in retirement, only 22% of investors said they owned annuities, F&G found.

While American investors expressed a variety of worries related to their retirement, such as inflation (81%) and increasing healthcare costs (78%), nearly two-thirds (61%) said they didn’t work with a financial advisor. When asked why, 36% cited high fees; 27% maintained they already knew what they were doing; and 26% said they didn’t feel they had enough investable income.

According to Chris Blunt, CEO of F&G, hiring a financial advisor is just as important to financing retirement as picking stocks.

“An advisor can help guide investors through the decision-making process and help them build a plan that meets their individual goals,” he said in a news release announcing the study’s findings. “An advisor can help people figure out what really matters, design a roadmap and solutions to provide peace of mind around unexpected risks, and help them avoid reactive decisions that can damage their long-term financial plan.”

Founded in 1959 as Fidelity and Guaranty Life Insurance Company, F&G is headquartered in Des Moines, Iowa, and is part of the FNF family of companies.