People don't seek financial advice for many reasons, including lack of savings and perceived cost. But many wish they had sought advice, and among those who have met with a financial advisor, the common regret is that they didn't do so earlier.
That's according to TIAA's 2016 "Advice Matters Survey," which found that of the 48 percent of Americans who have received financial advice, 77 percent wish they had done so sooner.
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In fact, a majority (59 percent) of respondents said that a first meeting with a financial advisor should take place before age 35.
Among younger generations, that percentage is even higher—possible a recognition that younger people realize that there's a lot they don't know about finance. Among GenY respondents, 80 percent of those surveyed believe in the importance of receiving financial advice before age 35.
And although 71 percent of Americans are interested in financial advice, nearly half—49 percent—of Americans think they need more than $50,000 in savings simply to justify meeting with a professional financial advisor.
That could account for the fact that, among GenY respondents, 45 percent have received advice, but 82 percent are interested in doing so, and while 30 percent of respondents with an annual income of less than $50,000 have received advice, 61 percent are interested.
Among those who haven't sought out financial advice, 51 percent say they do not have enough money to invest, with 35 percent citing it as the primary reason for not doing so.
Before they'd seek out financial advice, 29 percent said they wanted a clear explanation of how they'd be charged, while 24 percent wanted family recommendations and 22 percent wanted assurances that the advisor was qualified to help them.
But for employers, providing financial advice as part of a benefits package, at no cost to the employee, could prove to be a recruiting and retention tool: 75 percent of respondents said they'd be more likely to consider a job that offered such a benefit.
Among GenY respondents, the number was even higher: 87 percent said they'd consider a job that offered them that benefit.
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