Recession-scarred workers now are hungry for advice from financial professionals.
Only 13% of workers say they are feeling very confident about retirement, down from 18% in 2008, and 43% say they are changing the way they invest their money.
But the percentage who say they have started to save money for retirement appears to be increasing.
Researchers at the Employee Benefit Research Institute, Washington, and Mathew Greenwald & Associates Inc., Washington, have published those findings in EBRI’s 19th annual retirement confidence survey report.
The researchers at EBRI and Mathew Greenwald based the report on telephone interviews with 1,001 U.S. workers ages 25 and older and 256 retirees. The interviews were conducted in January.
The percentage of workers who said they are feeling very confident about retirement has dropped from 27%, and the 2009 percentage is the lowest EBRI has recorded.
The percentage of current retirees who said they very confident about having a financially secure retirement has dropped to 20%, from 29% in 2008 and 41% in 2007, EBRI researchers report.
About 25% of the active workers who have lost confidence in their ability to secure a comfortable retirement said they are saving more money, and 25% said they are seeking advice from financial professionals, EBRI and Greenwald researchers report.