Americans trust financial advice but struggle to feel ready for retirement

Despite widespread confidence in employer-provided financial advisors and steady optimism about retiring on time, many Americans remain uncertain about whether they will be financially prepared for retirement.

New surveys from NFP and Thrivent suggest rising living costs, economic uncertainty and concerns about artificial intelligence (AI) are making it harder for workers to turn retirement goals into reality.

While many employees value professional financial guidance, the findings show that financial pressures and low engagement with available resources continue to slow retirement progress.

NFP’s 2026 U.S. Retirement Trend Report found that 89% of employees trust employer-provided financial advisors, yet 69% are unsure they can retire comfortably. The report also found that 84% would consider working with a financial advisor if given the opportunity, and 62% identified one-on-one meetings with financial professionals as the most helpful retirement planning resource.

However, many workers are not taking advantage of those services.

Employees cited not having enough money to invest (24%) and questioning the value of working with an advisor (24%) as the leading barriers. Others worried about potential fees (20%) or were unsure how advisors could help (19%).

“Employer-provided financial advisors play a central role in how American workers approach retirement planning,” said Jessica Espinoza, national practice leader, retirement advisory, NFP. “One-on-one guidance is especially effective in helping employees navigate complex decisions, build confidence and turn intention into action, but too many employees aren’t taking the necessary first step.”

NFP also reported that the percentage of employees who are off track for retirement increased from 68% in 2025 to 72% in 2026. Nearly half of respondents, 46%, said they are delaying or unable to save for retirement because housing, healthcare and other expenses take priority.

Economic pressures reshape retirement expectations

Thrivent’s 2026 Retirement Expectations Survey paints a similar picture.

While 58% of non-retirees remain confident they will have enough money to retire from their primary career on schedule, 47% are skeptical they will ever be able to fully retire.

The survey found that 64% of non-retirees are more focused on their current financial situation than retirement planning, while 35% feel behind their peers in preparing for retirement. High living costs and insufficient income were the most common reasons for falling behind.

Artificial intelligence is also emerging as a new concern. Half of non-retirees believe AI-driven changes to work will negatively affect their retirement, with younger generations expressing the greatest concern. Nearly two-thirds of Gen Z workers and 59% of Millennials expect AI-related job losses to negatively impact their retirement outlook.

“The future has always brought uncertainty, but many Americans today are navigating a wider range of questions about work, the economy and retirement than they did just a few years ago,” said Thrivent Financial Advisor Jason Rogoff. “The good news is that retirement planning doesn’t require having all the answers. It requires a plan that can adapt as circumstances change. Regularly reviewing your goals and making adjustments along the way can help you stay on track, regardless of what the future brings.”

Employers can increase engagement

NFP found awareness of employer-sponsored retirement resources is declining. Just 42% of employees said they know what services are available, down from 55% a year ago, while only 34% understand how to use them.

The report suggests employers can improve retirement outcomes by making financial guidance easier to access and encouraging employees to engage with advisors before financial challenges become overwhelming.

“When employees feel confident in decisions that impact their long-term financial stability, it can improve focus, engagement and overall wellbeing,” said Stephen Jans, national practice leader, Wealth Management, NFP. “Helping employees make financial decisions that are realistic, informed and achievable leads to better outcomes for individuals, their employers and the communities they serve.”

Both surveys point to the same conclusion — while Americans remain hopeful about retirement, achieving that goal will require greater engagement with financial planning and continued flexibility as economic conditions evolve.

This article was generated using HousingWire Automation and reviewed by a HousingWire editor before publication.