Everyone wants at least a little affirmation, especially when it comes to retirement savings.
A new survey from Financial Engines, which offers online financial advice through employer-sponsored retirement plans, finds that a majority of investors want at least some guidance from a human when they get close to retirement. Fifty-four percent of employees participating in retirement plans, such as a 401(k), who are not working with a financial advisor said they want one. Financial Engines surveyed more than 1,000 employees between the ages of 18 and 70.
"Money and financial decisions are emotional. Our survey shows that people still want to talk to somebody," said Kelly O'Donnell, executive vice president, at Financial Engines.
But concerns about the cost of financial advice, lack of retirement assets and uncertainty about how a financial advisor could really help were the top reasons stopping retirement investors from hiring an advisor, Financial Engines found. (See the chart below for the reasons among surveyed investors for not working with a financial advisor.)