percent of Americans are considering delaying retirement, according to the
Guardian Study of Financial and Emotional Confidence. Americans’ top financial
priorities are, first, having at least some guaranteed income apart from Social
Security in retirement, followed by having a general savings account, having a
long-term plan to meet their financial objectives and saving for routine
expenses in retirement.
While many are looking ahead to retirement, only 33% are focused on their
long-term financial goals, rather than short-term goals.
The study also underscored the importance of working with a financial adviser
and of that adviser forming a strong bond with the investor. Among those who
are the most financially confident, 71% are very satisfied with their advisers,
compared with 40% of those who are least confident.
working with an adviser, the No. 1 reason they have decided to do so is to get help with strategies for creating retirement income (cited by 30%), followed by
savings tips (27%), getting updates on tax law changes (22%), estate
planning (22%) and budgeting (21%).
“These findings support what we have seen in practice, that human relationships
matter, and advisers who establish a deeper emotional connection with their
clients have more satisfied and confident clients,” says Matthew Bryan,
assistant vice president at The Guardian Life Insurance Company of America. “Even
in this age of financial apps and robo-advisers, the client-adviser connection
is a critical aspect of achieving financial confidence. Advisers can use these
findings to better address what drives financial and emotional confidence for
their own clients, ultimately improving their client relationships.”
Guardian suggests that advisers help investors with the basics, starting with
having a written financial plan to help them live within their means. They
should educate people about fundamental financial concepts, Guardian says, as
well as suggest products that will match their objectives.
Partners conducted the survey for Guardian in December and January among 4,971
adult workers with household incomes of at least $50,000. The full report can
be viewed here.