7 Signs Retirement Savers Have Grown More Sophisticated

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An increasing number of Americans report that their individual financial situation warrants working with a wealth advisor, according to a new retirement survey published by Charles Schwab.

More than 6 in 10 Americans now feel this way, Schwab reports, up from 55% in a 2023 survey.

“Workers are feeling more optimistic about their retirement prospects and an improving economic climate tends to boost financial confidence, but it’s not the only factor,” said Lee McAdoo, managing director of Schwab Retirement Plan Services.

Related survey findings indicate heightened awareness around 401(k) investments and performance. McAdoo called this a promising sign that workers are actively engaging with their accounts and cultivating knowledge to help them reach their goals.

“Self-guided education and computer-generated advice can provide solid financial wellness support,” said Marci Stewart, director of client experience at Schwab Workplace Financial Services, “and a human professional can validate your plan and make more tailored recommendations.”

Overall, the survey shows that Americans feel more confident about their retirement preparations and more engaged in the savings effort than they did a year ago.

The accompanying slideshow details seven new findings showing how retirement savers have grown more sophisticated.

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