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TIAA-CREF, the Fortune 100 financial services firm that manages $487 billion, just released their Financial Advice Survey and here are the points I found most relevant:
- Most Americans say they are concerned when it comes to long-term financial security yet only 30% of those who received financial advice said they changed their asset allocations or increased the amount they contribute to their retirement savings after getting the advice.
- The most frequently named source of advice is family and friends (47%), followed by financial service providers (34%) consumer’s primary bank (33%) followed by employers (17%)
- 47% of the respondents said they worry they will run out of money in retirement and 49% are unsure if they’ve saved enough to retire.
- 64% of those surveyed said they prefer getting advice in person, noting it feels more personable and fosters trustworthiness.
For more information check out their website: www.tiaa-cref.org
