According to a survey conducted by Big Research for Nationwide Financial, another 32% said they would turn away from using an advisor while 36% of respondents didn’t know.
The survey also found:
- 28% are most confident making 401(k) investment choices with access to financial advice
- 25% of respondents are always confident they are making the best 401(k) decisions without help
- 25% are most confident making 401(k) investment decisions with access to general investment information
- 23% are most confident having an advisor make investment decisions and do investing for their 401(k) accounts.
Women were more likely than men to use a professional money management service (32% versus 30%) or to report that they would be most confident having an advisor make investment decisions and do investing for their 401(k) accounts (27% vs. 19%).
Respondents included 2,808 401(k) participants across a variety of occupations, including managers and professionals, sales people, factory workers, service workers and retirees.
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