Another reason for the importance of 401k advisors in the lives of participants? Over half of U.S. employees are “not confident” they will have the financial wherewithal to realize the retirement date they want.
The preparedness for retirement (or lack thereof) is a significantly larger concern with women as 43 percent are confident in their financial ability to retire, versus 55 percent of men who feel similarly.
Professional staffing services firm Addison Group reports that 51 percent of respondents to its latest survey expressed worries over retirement resources overall.
There are generation gaps in the sentiment towards retirement as well, with young Millennials feeling the most confident they will be able to financially retire when they want. In contrast, the older generations of Gen X and Baby Boomers think they will retire at an age older than their parents.
“The latest edition of our Workplace Survey has enabled us to identify the challenges and anxieties employees face in their careers, from start to finish,” Thomas Moran, CEO of Addison Group, said in a statement. “While job satisfaction is high across the board, the workforce has significant concerns around the value of additional education, the speed of career progression, the viability of management opportunities and their ability to retire.”
In 2015, the Workplace Survey examined employees’ workplace preferences, career goals and professional values. This year, the survey focused on the full job lifecycle–from education to retirement–breaking down these insights based on gender and generation, and uncovered a motivated but cautious workforce.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
