Data & Research March 28, 2025

Less Than Half of Americans Satisfied With Their Financial Advice

A TIAA Institute and MIT AgeLab survey finds consumers working with advisers are more satisfied with financial advice, underscoring the value and need for greater access to financial professionals.

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Despite retirement planning being the top priority for financial advice, there’s a significant satisfaction gap in the financial advice people receive—perhaps understandably, as many people are getting financial advice from sources other than professionals, according to “The Future of Advice,” a new TIAA Institute study in collaboration with MIT AgeLab.

Only two in five Americans are satisfied with the financial advice they receive. However, of those who worked with a financial adviser, 62% reported higher levels of satisfaction, underscoring the value and need for greater access to financial professionals.

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The most useful sources differed from the most common sources, the survey of more than 1,000 people found. Although respondents said they commonly used internet/web search as a source of advice, it ranked toward the bottom in terms of usefulness. Although respondents were most inclined to designate people with whom they have personal relationships, such as friends and family, as a top source of advice, family and friends landed in the middle of usefulness rankings. However, professional sources of advice were rated most useful. This shows that even information is highly accessible in other venues, professionals retain their value as sources of advanced expertise.

“The ‘Future of Advice’ study is a unique opportunity to reshape how Americans across the generations receive and act on financial guidance,” said Joseph Coughlin, founder and Director of the MIT AgeLab, in a statement. “Our research shows that successful advisory relationships must combine both high touch and high tech to provide the expertise, efficiency, and empathy clients value.”

In implementing financial advice, the research shows that financial advisers use technology like AI to enhance, and not replace, the trusted adviser relationship. This appears to be for good reason, as many respondents do not want advice wholly from AI. In fact, despite generally high levels of familiarity with AI-enabled technologies among survey participants, levels of trust in an AI-enabled adviser giving good advice were mixed. Nearly one-quarter (21%) of participants indicated that they didn’t trust AI-enabled advisers at all, and only 13% of participants reported having “a lot” of trust.

Although traditional communication methods dominate advice delivery, the survey found digital channels are gaining traction among specific demographics. Younger respondents were more likely to use online sources like social media forums and video apps such as YouTube and TikTok, while consensus emerged, especially among the 55+ age group, around advice in the professional’s office, and via phone calls and email for all domains.

“At this pivotal moment in financial services, we’re witnessing more than just a change in how advice is delivered—we’re seeing a fundamental shift in what it means to secure financial futures,” said David Nason, CEO of TIAA Wealth Management and Advice Solutions. “As life expectancies extend and complexity increases, our industry’s true measure of success will be our ability to help millions of Americans transform financial guidance into lifetime financial security.”

Data & Research March 28, 2025

Workers Concerned About Retirement Savings, Want Support

Nearly half (49%) of Americans “strongly agree” or “agree” their retirement plan savings are the only significant emergency savings they have, according to a Voya survey.

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Saving for retirement early and understanding the long-term benefits of compound interest are key strategies for plan participants to secure their financial futures, but equally important is understanding how much to save and to have access to financial professionals. 

Working Americans consider the task almost as challenging as understanding text speak. The January Voya Financial Consumer Insights & Research survey found, among benefits-eligible workers, nearly one-third find knowing how much to save for retirement (29%) almost as confusing as teenage slang (32%).

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The survey highlights the concern workers have about attaining their goals, with 61% expressing concern that the economy and 60% citing inflation will have a significant or severe impact on their ability to save.

Moreover, nearly half (49%) of Americans now “strongly agree” or “agree” that their retirement savings are their primary form of emergency savings—up from 43% in January 2023. This trend emphasizes the growing need for continuous guidance and support to safeguard and grow their retirement funds.

The Need for Guidance

Voya’s research highlights the importance of seeking support. The survey found 83% of workers value guidance on optimizing retirement savings and workplace benefits. Fewer workers maintained the same benefits coverage as last year (64% vs. 72% in January 2024).

After the recent open enrollment, 75% of benefits-eligible workers expressed interest in tools to help them manage retirement, emergency savings, and healthcare costs. Sette emphasizes for employees to understand how workplace benefits and savings solutions can work together to support their retirement savings.

“While many employers continue to evolve their workplace benefits and savings offerings, when it comes to optimizing savings, our data show a clear need for support, and employers can play a critical role in helping their workforce,” said Kerry Sette, VP, head of Consumer Insights & Research at Voya Financial, in a statement.

“And, when thinking about the current cost of living, workers are keen to maximize the value of their workplace benefits and savings solutions; the survey found 60% are actively trying to get the most value from their 401(k) contributions and employer matching, HSA contributions (28%) and voluntary and supplemental health insurance benefits (21%). By focusing on the holistic needs of employees, employers can underscore the investment they are making in their workforce and support individuals’ long-term savings goals.”

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