Magazine

UpFront | Published in November 2016

More Seek Advice Through
Employer Plans

The trend is shifting

By Lee Barney | November 2016
Seventy-one percent of Americans are interested in receiving financial advice, according to the TIAA 2016 Advice Matters Survey.
 
Forty-five percent of Generation Y has received advice, but 82% would like to receive it. Thirty percent of those earning under $50,000 a year have had financial advice, but 61% would like to get it.
 
Seventy-five percent of all surveyed said they would consider taking a job at a company that offers financial advice at no cost; that figure jumps to 87% for Gen Y.
 
Although nearly half (48%) of those who have worked with a financial adviser chose one outside of their workplace, that trend is shifting. Sixty-four percent of Baby Boomers who have received advice worked with a non-employer-affiliated adviser, but that number drops to just 27% for Gen Y respondents.
 
“Gen Y really wants financial advice, and companies are doing their best to attract top young talent,” says Kathie Andrade, CEO of TIAA’s retail financial services business. “So, it makes sense for employers to add advice to their benefits. Pairing a well-designed retirement plan with strong education and support can go a long way in helping companies attract well-qualified employees and set them on the path to success.”
 
KRC Research conducted the online survey for TIAA among 1,000 adults, in August.

Have You Done an Analysis of How Your Savings Will Translate into Monthly Income in Retirement?

All respondents
Respondents with employer plan
18%
21%
Yes, by myself
16%
22%
Yes, with an adviser
affiliated with my
retirement provider
15%
19%
Yes, with my retirement
provider’s
automated statement
15%
19%
Yes, with another
financial adviser
or professional
14%
20%
Yes, with my retirement
provider’s online
tools and calculators
14%
18%
Yes, with a family
member or friend
12%
16%
Yes, with a benefits expert
through my employer
6%
8%
Yes, with a colleague
not part of employer’s
benefits/HR department
10%
10%
Yes, with my bank
8%
9%
Yes, with other
54%
46%
No
1%
1%
Don’t know

SPONSORED MESSAGES