Employees Trust Workplace Advisors but Aren’t Using Them: NFP
401(k) members overwhelmingly trust employer-provided financial advisors, according to new retirement trends released today from NFP, but that doesn’t mean members know they have access to employer-provided advisors. And too few are engaging with them to help them retire.
The 2026 US Retirement Trends Report from NFP, an Aon company and leading property and casualty insurance broker and benefits consultant, found that 89% of employees trust the financial advisors provided by their employers, but 69% are not confident that they will be able to retire with peace of mind.
The gap points to a broader problem: engagement, not trust, is the main obstacle. Employees appreciate financial guidance, but the study found that many are not taking action as rising costs and financial pressures make retirement goals even more out of reach.
“One-on-one guidance is particularly effective in helping employees make difficult decisions, build trust, and turn intentions into action, but too many employees fail to take the necessary first step.”
NFP’s Jessica Espinoza
When employees participate, the effect is obvious. Sixty-two percent say one-on-one meetings with financial professionals are a useful resource for retirement planning and are consistently rated more helpful than other available resources, and 84% would consider working with an advisor if given the opportunity, highlighting a significant gap between interest and engagement.
“Employer-provided financial advisors play a central role in how American workers approach retirement planning,” said Jessica Espinosa, national practice leader, Retirement Advisory, NFP. “One-on-one guidance is particularly effective in helping employees make difficult decisions, build trust, and turn intentions into action, but too many employees fail to take the necessary first step.”
Among the factors holding employees back is their perception that they don’t have money or don’t make enough money to invest (24%), which remains the main constraint. Others doubt the value of engaging with an advisor (24%), worry that they will incur a fee (20%) or are unsure how financial professionals can help them (19%).
Financial stress stops progress
According to the report, financial stress continues to increase amid rising costs and job security concerns, which are contributing to stalling retirement for many workers. The proportion of employees who do not intend to retire will rise from 68% in 2025 to 72% in 2026, according to the study.
This pressure is reflected in changing expectations. Specifically, 41% of workers age 55 and older now expect Social Security to be their primary source of retirement income. Meanwhile, 46% of all respondents say they are deprioritizing or unable to save for retirement as expenses such as housing, car payments and health care take precedence over long-term retirement planning.
“When employees feel confident about decisions that affect their long-term financial stability, it can improve focus, engagement and overall well-being,” said Stephen Jans, head of NFP’s national wealth management practice. “Helping employees make realistic, informed and achievable financial decisions leads to better outcomes for people, their employers and the communities they serve.”
How employers can help
The research also shows that awareness and understanding of employer-sponsored resources is declining, with only 42% of employees aware of the services available and 34% knowing how to use them, compared to 55% and 44% last year. The NFP says this gives employers a significant opportunity to provide better guidance, helping employees set realistic goals and understand how to achieve them.
Barriers go beyond awareness. Employees often lack clarity about the non-401(k) retirement benefits they receive through their employers, with an average of 25% unsure if a particular offer was available, pointing to a broader literacy issue that underscores the value of direct, one-on-one financial advice.
“Even when resources are available, limited awareness and understanding lead to inconsistent engagement, leaving many employees without the support they need to make meaningful progress,” Espinosa said.
Building for better results
The findings point to a clear opportunity: When employees understand the resources available and connect to personalized financial advice, engagement increases.
“We consistently see that employees who engage with a financial professional even once make more confident decisions.”
Stephen Jans of NFP
“What we consistently see is that employees who connect with a financial professional even once make more confident decisions down the road. That first conversation often changes how employees approach their financial future,” Jans said.
The report urges plan sponsors not only to offer retirement benefits, but to actively encourage their use by increasing awareness, making personalized recommendations more accessible and reducing friction in connecting employees to financial advisors.
“The path to better retirement outcomes already exists in most organizations; it just needs a clearer outline,” Espinoza said. “When employees know who to talk to and how that conversation can help, a better financial future becomes more attainable.”
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