Research: Advisory Support Boosts Retirement Confidence, Lowers Stress
Wherever a participant stands in their confidence level or planning journey, plan sponsors and advisors can play key roles in helping them find the tools and guidance they seek.
The Value of Trusted Advice
Research suggests that access to trustworthy guidance may help participants become more confident investors, make more informed decisions, and reduce money-related stress and anxiety.
According to a study in the Journal of Financial Therapy, financial knowledge and self-efficacy (a person's belief in their ability to successfully manage money-related decisions) are closely linked to better outcomes. The findings also suggest that support and guidance from a known and reliable source can make financial decisions feel more manageable.
Participants appear to want the help. A Charles Schwab survey found that 61% of workers want professional-quality financial guidance, and nearly 40% said they are likely to seek that advice through their plan.
Resources that support informed financial decision-making may help workers navigate the complexity of retirement planning with more confidence and less anxiety. The 2026 EBRI/Greenwald Retirement Confidence Survey provides cause for optimism but also indicates there is opportunity to do more to help savers. Among responding employees, 61% said they are confident they will have enough money for retirement, but approximately 40% also said they have no idea where to go for financial advice.
More Confidence, Higher Savings
Workers who receive professional financial guidance tend to feel more confident about retirement, and they may also save more. According to EBRI data, 83% of workers with advisory access feel confident about their retirement readiness, compared with 53% of those without access.
Advised participants were also more likely to maximize their plan contributions (66% versus 40%) and to save a larger percentage of their income (15% on average versus 10% among non-advised savers). Notably, the largest gains in confidence were seen among younger workers and those with lower account balances, groups that may benefit from additional guidance and support.
An Opportunity for Employers
As workers seek greater clarity and guidance across their entire financial picture, plan sponsors and their advisors may help individuals build confidence by helping them understand and take advantage of available tools and resources.
Sources:
- Journal of Financial Therapy: newprairiepress.org
- Greenwald Research: 2026 EBRI/Greenwald Retirement Confidence Survey release report
- Charles Schwab: 401(k) study press release
- Accelerate Retirement: Advisor support is key to driving confidence and outcomes among younger participants
- Pontera: 401(k) survey on advisor impact on financial knowledge and confidence
Material connection: Retirement Plan Advisory Group, https://www.rpag.com
This article is provided for general educational purposes only and is not legal, tax, or individualized investment advice.
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