A growing disconnect is emerging in how Americans approach investing and retirement, with two new reports showing both retirees and millennials are rethinking what truly matters but often lacking the guidance or confidence to act on it.
First, findings from the Oath Money & Meaning Institute’s Q2 2026 survey reveal that while most retirement investors recognize the importance of purpose, relationships and daily structure in later life, those topics are frequently overlooked in planning conversations.
At the same time, a separate survey from Parnassus Investments highlights that younger investors are prioritizing values and early retirement but struggle with investing confidence and direction.
Oath’s survey of more than 400 near-retirees and retirees found that two thirds (66%) consider non-financial planning such as defining purpose and maintaining relationships as very important or essential. But 40% say financial professionals rarely or never raise these issues in discussions.
“Of course, money matters, it’s what makes everything else possible. But it won’t make you happy,” said Rod Yancy, Founder & CEO at Oath. “People know what makes a good retirement. And then most of them prepared almost exclusively for the part they said matters less. People don’t spend enough time imagining what their retirement days will look like. They don’t think through relationships, their purpose, or what gives their retirement time meaning. They mostly think about the number.”
More than 80% of respondents said they are at least neutral (and often comfortable) discussing non-financial topics like identity and lifestyle in retirement.
However, actual preparation remains heavily skewed toward finances with over half of respondents stating that they spent little to no time on non-financial planning, even though nearly all acknowledged its importance.
The research also highlights a shift in how retirees define fulfillment with just 2% of respondents saying that money is the primary driver of happiness in retirement. Instead, most view it as a tool to enable other priorities, such as family, health and meaningful experiences.
Time with family ranked as the top source of meaning, cited by 70% of participants. Hobbies, travel and social connections also featured prominently, reinforcing the idea that lifestyle (not wealth alone) defines retirement satisfaction.
Nearly half said they postponed travel and experiences until retirement, often due to time constraints, stress or a focus on saving during their working years.
While retirees are reassessing life after work, millennials are approaching investing with a different set of challenges.
Parnassus Investments’ survey of 500 millennials found that 79% aim to retire early, but only 35% feel highly confident in their investing abilities. At the same time, 84% want their portfolios to reflect their personal values, though more than half say achieving that alignment is difficult.
The findings suggest a generation motivated by purpose but lacking the tools to fully execute their goals.
“Millennials are at an important stage in life, particularly when it comes to investing, because they have the benefit of time on their side,” said Joe Sinha, Chief Marketing Officer at Parnassus Investments. “They live with intention, and they want their investments to reflect that by building financial security while staying mindful of the world around them. This ebook is our attempt to meet them where they are and help make the path forward feel less overwhelming, so they can start investing toward financial freedom.”
Values-driven investing is central to this cohort. The survey found that 87% want to make a positive impact on the world, while 86% already incorporate environmental or social considerations into their daily lives.
Despite this, many are navigating investing alone. Two-thirds said they are self-taught, and only 36% currently work with a financial advisor.
Across both datasets, the findings show that investors are looking for more holistic support, whether that means integrating purpose into retirement planning or aligning investments with personal values.
For advisors, the opportunity - and challenge - lies in bridging these gaps. Retirees are seeking guidance that goes beyond financial projections, while younger investors need help translating intention into actionable strategies.
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