Many investors cite need for financial education

The economic fallout from the pandemic in 2020 caused some workers to evaluate their retirement plans. Some retired early, while many paused their plans. A new survey found that one third of adults do not think they know enough about retirement. Among respondents, 37% said they need more education about retirement planning and 52% said they need more education on how to invest in 2022. Overall, most adults (80%) consider themselves financially literate. Citing sources of financial education, 22% said parents and family, 18% noted social media and websites, and just 7% said they received education from an advisor.

Many are saving, but not for retirement

While savings rates have been rising, retirement savings may not be the top priority among individuals, according to a recent survey. Among those polled, 40% said their main goal is to increase non-retirement savings and 30% cited paying off debt. In addition, 17% said saving for retirement was their priority. Nearly half of respondents said they have less than $15,000 saved for retirement.