“It’s clear that financial consumers need help navigating the current economic environment to regain confidence in the future. Our findings indicate that consumers are engaging more closely with their advisors and, in increasing numbers, are looking to their employers to provide a range of 'financial wellness' resources,” Kincaid said.
About half of investors want in-depth discussions about their finances once a year and 40% want quarterly check-ins, according to the survey.
Also, 93% say accessibility—defined as getting a response to an inquiry within 24 hours—is very important when working with a financial professional.
Consumer desire for more advice was also evident in their opinions about workplace advice, according to the study. The services that investors want from their employer include personalized financial goal setting (55%, up from 36% in 2021), access to free or subsidized personalized financial advice (54%, up from 40%), education on planning for healthcare costs (52%, up from 45%), and financial education from advisors (51%, up from 36%).
Seventy-nine percent of consumers said their biggest worries are a high level of inflation and an economic recession. Global conflicts and crises were ranked third at 71%.