Teachers—Especially Younger Ones(!)—Prefer Financial Professionals

Teachers like to work with financial professionals more than any other source regarding managing their finances and preparing for retirement, says a recent study—and that is especially pronounced among younger educators. 

A majority of educators—52%—would rather have a financial professional helping them learn about managing finances and preparing for retirement, says life insurance firm Security Benefit. Interestingly, the generation whose preferenceis highest is the youngest, at 58%. 

Generation	% Preferring to Work With a Financial Professional
Baby Boomers	50
Generation X	46
Millennials	58
Overall	52

Younger teachers also wanted more help, says the study. Twenty-three percent of the Millennials who responded said they want someone to completely manage their finances—more than any other generation. And a substantial majority—61%—of Baby Boomers said that they needed more help in saving for retirement than in any other area of financial education.

But to be sure, teachers also look to other sources for such information, researchers found. “There are more tools available than ever for educators to learn about how to manage their finances,” observed David Byrnes, Head of Distribution at Security Benefit, in a press release. 

Source	% of Teachers Using it
In-person/online courses	36
In-person/online courses	33
Friends and family	30

And while Millennials value advisors, it is not surprising that they also turn to social media. Researchers report that nearly one-quarter of them listed social media among the top three ways they like to learn about managing their finances. 

The Bottom Line

The study indicates that interest among teachers in financial savvy and retirement security runs high. It reports that 45% said that they needed help with financial security—more than twice as many as those who said they wanted help with mental health. 

And their interest in financial security incorporates saving for retirement—the teachers who responded ranked that among the top two areas that define financial security. 

This survey “underscores that the role of the financial advisor remains critical—especially with younger audiences—in helping educators prepare for retirement and other financial goals,” says Security Benefit in the press release.  “Our survey found that educators are passionate about pursuing and achieving financial security but sometimes lack the tools to do this and are looking to advisors to guide them through this critical process,” said Byrne.