Educators focus on financial security, but need additional resources to achieve their goals

New study from Security Benefit finds educators prefer learning how to manage their finances from financial advisors over other methods

TOPEKA, Kan., June 21, 2022–(BUSINESS WIRE)–According to new research from Security Benefit, a leading provider of retirement planning products and solutions in the K-12 education market, more than half (52%) of all educators would rather learn how to manage their finances from a professional as opposed to other methods. Coupled with other findings, the first survey on the state of educators’ finances underscores that the role of the financial adviser remains essential – especially with younger audiences – in helping educators prepare for retirement and other financial goals.

In-person/online classes (named by 36% of respondents), financial apps (33%), and friends and family (30%) were cited by educators as other preferred ways to learn how to manage finance, although none are nearly as privileged as financial advisors. The study, which focuses on the role of financial planning in the financial future of educators, was conducted by Directions Research via a survey of 502 American adults over the age of 25 who are teachers or educational administrators. K-12.

“There are more tools than ever for educators to learn about managing their finances, but it’s clear there’s still a preference for the professional advisor,” said David Byrnes, distribution manager at Security Benefit. “Our survey found that educators are passionate about finding and achieving financial security, but sometimes lack the tools to do so and seek counselors to guide them through this critical process.”

Millennial educators want counselors to do more
Of all the generations surveyed, Millennials are the most likely to currently work with a financial advisor. Fifty-eight percent of millennial educators reported using a counselor, surpassing their Gen X (46%) and baby boomer (50%) counterparts. Millennials are eager for help managing their finances, and nearly a quarter (23%) want someone to fully manage their finances, compared to just 15% of Gen X respondents.

Social media is popular with young educators: 23% of millennials listed social media as one of their top three preferred ways to learn about managing finances, compared to just 11% older respondents. Survey data also shows that educators (of all ages) who use a financial advisor are almost twice as receptive to learning about money management from social media than their peers who don’t use a financial advisor. advise. This signals an opportunity for financial advisors to engage their education clients through social media in addition to traditional channels.

Educators cite need for more financial planning resources
Respondents were asked to choose from three options (financial security, mental health, or physical fitness) regarding the areas in which they needed the most help to achieve their goals. Forty-five percent of respondents said they needed the most help achieving financial security, more than double the number who said they needed the most help achieving their mental health goals.

When asked to define what financial security meant to them, respondents primarily mentioned having established short-term and long-term savings. Specifically, educators ranked saving for retirement and having an emergency savings fund as the top two areas that aligned with their perception of what financial security means. However, in a disturbing detail, 61% of baby boomers indicated that saving for retirement is the area of ​​financial education where they need the most help.

“While saving for retirement was considered the most important element of financial security, it’s an area where even future retirees express a strong need for help,” said Jim Kiley, head of sales. for the East at Security Benefit. “If counselors can reach educators earlier in their careers, they can help them succeed in retirement.”

Millennials aim for early retirement despite challenges
Baby boomers have adjusted their retirement expectations as they grapple with their need for additional advice on saving for retirement. Conversely, Millennials seem to be aiming for earlier retirement. Seventy-eight percent of millennials said they plan to retire by age 64, compared to just 20% of baby boomer respondents who said the same.

But as millennials want to retire earlier, they realize that some sources of retirement income may not be as accessible to them as previous generations. Only 8% of Millennials expect Social Security to be their main source of retirement income, compared to 31% of Baby Boomers. And only 14% of millennial educators expect to be able to rely on a pension, compared to 30% of their older counterparts. Thus, it will be essential for the younger generations to take an active approach to managing their finances with an advisor in order to meet their retirement deadlines and expectations.

This study was conducted online by Research Departments. It was held March 3-11, 2022 among 502 U.S. adults over the age of 25 who are K-12 educators or teachers.

Survey respondents were from people who agreed to participate in polls and polls. Quality checks were used to ensure data integrity, but all sample surveys are subject to multiple sources of error, such as sampling error, coverage error, bias of non -response and measurement error.

About the Security Advantage
Security Benefit Corporation (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company (SBL), a Kansas-based insurance company that has been in business for 130 years, is a leader in the U.S. market for retirement. Security Benefit, together with its affiliates, offers products in a full range of retirement markets and wealth segments for employers and individuals and holds $46.9 billion1 assets under management as of December 31, 2021. Security Benefit, an Eldridge business, continues its mission to help Americans Towards and during retirement®. Learn more about and follow us on LinkedIn, Facebook Where Twitter.

About Directions Research
Research Departments has been independently recognized as one of the nation’s leading business decision analytics companies. Founded in 1988, Directions is a privately held company based in Cincinnati, Ohio, with regional offices across the country, conducting work around the world. It combines highly experienced staff with a unique blend of innovative and proven approaches to addressing pressing business issues. Directions is a member of the Insights Association and is committed to quality in all aspects of the research process.

Security Benefit Corporation and its affiliates are not trustees. This information is general in nature and intended for use by the general public. For more information, including specific advice or recommendations, please consult your finance professional. Guarantees provided by annuities are subject to the financial strength of the issuing insurance company. Annuities are not FDIC or NCUA/NCUSIF insured; are not obligations or deposits of, and are not guaranteed or underwritten by, any bank, credit union or credit union, or its affiliates; and are not related to and do not constitute a condition of the provision or duration of any banking service or activity. SBL is not licensed and does not conduct insurance business in New York State.


1 excludes $4.9 billion of retained assets (including $3.2 billion of business in-force as of January 1, 2021 and $1.7 billion of business underwritten in 2021) and $0.3 billion of assets held pursuant to overcollateralization requirements in connection with the reinsurance transaction with SkyRidgeRe Limited.

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Media contacts:
Michael Castino, Director of Public Relations, Security Benefit
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Jake Daubenspeck, Senior Vice President, Prosek Partners
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