Black/African American respondents were the most likely to say they wanted help from a financial professional with short-term planning issues.
When asked what are the most valuable things a financial professional could do for them, Black/African American respondents were most likely to say balance their budget to save and enjoy life and develop a plan to pay down debt.
Black/African American respondents were also more likely to say their ideal life would include a nontraditional path where they would work, take breaks, go back to school, and volunteer. While 57% of Black/African American respondents said they would like to have a nontraditional path, 45% of white respondents, 52% of Hispanic respondents, and 49% of Asian/Asian American respondents said the same.
Hispanic respondents were more interested than other groups in being able to leave a legacy for their family and continuing to live in their own home.
Hispanic respondents were also more likely to say that they regretted financial decisions they made during the COVID-19 pandemic. Around one in five (21%) Hispanic respondents said they regret taking money out of an investment account like a 401(k) and moving to cash during the pandemic. Just 15% of white respondents, 13% of Black/African American respondents, and 7% of Asian/Asian American respondents said the same.
Asian/Asian American respondents are more worried about how inflation and the stock market will affect their retirement than other groups identified in the study. When asked about what worries them about retirement, the majority of Asian/Asian American respondents said the rising cost of living preventing them from enjoying retirement (73%) and that the market will take a downturn and hurt their nest egg (69%).
Asian/Asian American respondents are more interested in financial professionals who offer holistic services. More than half (51%) of Asian/Asian American respondents said that a firm that provides more services than just financial planning to help meet retirement goals is appealing.