Only 35% of Americans seek financial adviser’s help

Nearly two-thirds admit needing more planning assistance, Northwestern Mutual survey finds.

While 62% of Americans say their financial planning needs improvement, only 35% seek the help of a financial adviser, according to a study by Northwestern Mutual.

Over the last two years, however, the study found that 29% of Gen Z members and 24% of millennials who said they didn’t have an adviser before the Covid pandemic now either have started working with someone or plan to do so. That compares to 18% of the overall population who felt that way, Northwestern Mutual said in a release. Before the pandemic, younger Americans were among the least likely to work with an adviser.

The survey found that people contending with financial uncertainty say it adversely affects their health, job performance and relationships, with between one-quarter and one-third of respondents saying that it makes them feel depressed, keeps them up at night or makes them feel ill, among other negative effects, at least once a month.

[More: Adviser helps millennials save for retirement — and see the world along the way]