Another group said they would not need retirement savings, “which is concerning because it speaks to a basic level of financial literacy that needs to improve,” he said.
The people who say they are not concerned about retirement savings probably are not ones who are taking advantage of a financial advisor, but advisors should do what they can to increase communication about the importance of saving, Anderson said.
“There is a level of misunderstanding out there about what is going to happen when an income stops coming in,” he said. “From our perspective, we hope they do some research” and learn what they will need.