When it comes to financial investing, people prefer to be counseled on the matter in a way that affords them privacy and the upmost attention.
According to a recent study from TIAA-CREF, a majority of Americans (55 percent) prefer to receive one-on-one financial advice from an advisor. Much of the public’s need for such service is attributable to trust, which can be a barrier for individuals seeking financial advice.
In it’s second annual Financial Advice Survey, the financial services organization found that 50 percent of workers say it’s hard to know what sources they can use or who can be trusted to provide advice. TIAA-CREF suggests employers provide employees with access to financial advice throughout their careers, allowing employers to build trust and loyalty, retain talented workers and reinforce the importance of financial planning.
“Convenience, trust and time are key when it comes to receiving financial advice. Today, more than ever, access to financial advice at work can help employees be more intentional about planning for the future and confident about their retirement security,” said Teresa Hassara, executive vice president of TIAA-CREF’s Institutional Business. “With this being National Save for Retirement Week, employers have the perfect opportunity to talk with their employees about saving for retirement and encourage them to take advantage of the resources available through the workplace.”
Some of the goals of National Save for Retirement Week include:
- Make employees more aware of how critical it is to save now for their financial future
- Promote the benefits of getting started saving for retirement today
- Encourage employees to take full advantage of their employer-sponsored plans by increasing their contributions