TIAA Institute and MIT AgeLab Study Finds Only 40% Of Americans Are Satisfied With Their Financial Advice
April 2, 2025 by TIAA Institute
NEW YORK, March 28, 2025 /PRNewswire/ — “The Future of Advice,” a new TIAA Institute study in collaboration with MIT AgeLab reveals the value people place on financial advice, who they turn to for financial advice, as well as striking differences in how women and members of younger generations experience financial advice.
Despite retirement planning being the top priority for financial advice, there’s a significant satisfaction gap in the financial advice people receive, indicating a clear opportunity for industry improvement. In fact, only 40% are satisfied with the financial advice they receive. However, of those who worked with a financial advisor, 62% reported higher levels of satisfaction, underscoring the value and need for greater access to financial professionals. In implementing financial advice, the research shows that financial advisors use technology like AI to enhance, and not replace, the trusted advisor relationship.
“At this pivotal moment in financial services, we’re witnessing more than just a change in how advice is delivered—we’re seeing a fundamental shift in what it means to secure financial futures,” said David Nason, CEO of TIAA Wealth Management and Advice Solutions. “As life expectancies extend and complexity increases, our industry’s true measure of success will be our ability to help millions of Americans transform financial guidance into lifetime financial security.”
The study was conducted with more than 1,000 participants in the U.S., providing a clear look into consumer preferences. Interviews with professionals were also conducted for a comprehensive view of the landscape of advice.
“The ‘Future of Advice’ study is a unique opportunity to reshape how Americans across the generations receive and act on financial guidance,” said Joseph Coughlin, founder and Director of the MIT AgeLab. “Our research shows that successful advisory relationships must combine both high touch and high tech to provide the expertise, efficiency, and empathy clients value.”
Key Elements of the Study
Gender dynamics matter. Women and men approach financial advice differently—from when they seek it during their careers to how they value advisor characteristics and communication preferences, with women prioritizing advisor expertise and ethics.
Traditional meets digital. While traditional communication methods dominate advice delivery, digital channels are gaining traction among specific demographics, suggesting the need for a hybrid approach to client engagement.
For additional details and information about the important role advice plays in managing questions about health, wellness, real estate and finances see the full report here.
About the MIT AgeLab
The Massachusetts Institute of Technology AgeLab (agelab.mit.edu) is a multidisciplinary research program that collaborates with business, government, and NGOs to improve the quality of life of older people and those who care for them. The AgeLab applies human-centered systems thinking to understand the challenges and opportunities of longevity and emerging generational lifestyles to catalyze innovation across transportation, longevity planning, caregiving, home and community, and the workplace.
About TIAA Institute
The TIAA Institute is a think-tank within TIAA, conducting cutting-edge research in the areas of financial literacy and longevity literacy, lifetime income, retirement plan design and behavioral finance in the context of retirement. The Institute provides consulting services for higher education and the broader nonprofit sector. For more information, visit www.tiaainstitute.org.
About TIAA
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It paid more than $5.9 billion in lifetime income to retired clients in 2024 and has $1.4 trillion in assets under management (as of 12/31/2024)1.
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- As of December 31, 2024 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,387 billion.
TIAA Institute is a division of Teachers Insurance and Annuity Association of America (TIAA), New York, NY.
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