People are more willing to seek help from an advisor for their general financial well-being

Recent research shows that people of all ages are looking for more help with financial well-being, savings and retirement planning, and many are interested in getting help from financial advisors. of financial well-being.

EY Navigate, a financial wellness service provided by EY to help employees plan for retirement and more, recently collected data on the trends and needs of the more than 8,000 Fortune 500 employees who interact with the service. It revealed that the use of the EY Navigator website and mobile app increased by 47%, from 51,000 visits before the pandemic to 75,000 visits during the pandemic.

Specifically, at all ages, the number of times each topic was discussed by those who called the EY Navigate Planner Line before the pandemic compared to during the pandemic increased by 35% for both money and debt. , 31% for pension accumulation, 28.5% for employer pension plan rules and 21% for pension distributions.

Calls to the EY Navigate Planner Line by Gen Z and Millennials far exceeded those of older groups, by a ratio of more than 2 to 1. However, interestingly, the number of calls in cash and debt of baby boomers ages 57 to 66 saw the largest percentage increase, at 77% from pre-pandemic to pandemic.

In another potentially unexpected finding, the biggest increase in retirement accumulation calls has been in the same age group of baby boomers. EY planners say this reflects those employees placing a renewed and urgent emphasis on building enough wealth to retire, or to be able to retire, as soon as it becomes necessary. In addition, discussions about the distribution of retirement increased the most (46.5%) among the Gen X group (aged 41 to 56). EY planners say this reflects a renewed emphasis on retirement preparation, reluctance to return to work, and those considering retirement much earlier due to the pandemic.

EY says employees who worked with a financial planner over the phone during the pandemic were much more engaged, with a significant increase in discussions about cash and debt management, pension accruals and distributions, and pension plan rules. This indicates that these users called their planners much more often during the pandemic.

Meanwhile, nine in ten Americans surveyed by Fidelity’s e-money advisor said they were receptive to discussions about financial well-being with advisers. Over 86% are looking for an advisor to develop their wealth and 85% are looking for an advisor to achieve financial peace of mind.

Research found that 31% of respondents said difficulty getting sound advice was a barrier to their financial wellness mission. Eighty-six percent of survey participants said they would choose an advisor based on taking the time to personalize and understand their needs and goals, and 84% said they would choose an advisor based on the adviser’s advice and methods and how the practice aligned with the employee’s overall goals.

More than a third (34%) of survey participants said the inability to view their finances in one place was a barrier in their pursuit of financial well-being.

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