Further, consumers with advisors were also found to be more confident about having enough savings to last throughout retirement than their counterparts.
Alison Salka, corporate vice president and director, LIMRA Retirement Research remarked "We’ve all seen the scary statistics that not enough people are saving for retirement; a recent LIMRA survey revealed that almost half of Americans were not contributing to an employer sponsored retirement plan or an IRA."
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"Given the decline of defined benefit pension coverage, people need to be saving more to fund their retirements. We do see one hopeful sign. Our research shows that consumers who work with an advisor are more likely to contribute to a retirement plan," Salka added.
The study has revealed that 61% of percent of consumers who worked with an advisor contributed to a retirement plan or an IRA, while only 38% of consumers who weren’t working with an advisor were contributing to their retirement savings.
The LIMRA researchers attribute the difference to education; financial advisors provide information, recommendations and guidance as the reason based on which consumers decide how much to save for retirement.
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