Two recent surveys underscore a widening generational divide in how Americans approach retirement and investing, revealing that both retirees and younger investors are seeking more than just financial returns. The findings, from the Oath Money & Meaning Institute and Parnassus Investments, suggest advisors may need to expand their focus beyond traditional portfolio management to address clients' deeper goals.
The Oath Money & Meaning Institute's Q2 2026 survey of over 400 near-retirees and retirees found that 66% consider non-financial planning—such as defining purpose and maintaining relationships—as very important or essential. Yet 40% reported that financial professionals rarely or never bring up these topics. "Of course, money matters, it's what makes everything else possible. But it won't make you happy," said Rod Yancy, Founder & CEO of Oath. "People know what makes a good retirement. And then most of them prepared almost exclusively for the part they said matters less."
More than 80% of respondents said they are comfortable discussing non-financial topics like identity and lifestyle in retirement. However, actual preparation remains heavily skewed toward finances, with over half stating they spent little to no time on non-financial planning, even though nearly all acknowledged its importance. Only 2% of respondents said money is the primary driver of happiness in retirement; instead, most view it as a tool to enable family, health, and meaningful experiences. Time with family ranked as the top source of meaning, cited by 70% of participants, followed by hobbies, travel, and social connections.
Meanwhile, a separate survey from Parnassus Investments of 500 millennials found that 79% aim to retire early, but only 35% feel highly confident in their investing abilities. At the same time, 84% want their portfolios to reflect their personal values, though more than half say achieving that alignment is difficult. "Millennials are at an important stage in life, particularly when it comes to investing, because they have the benefit of time on their side," said Joe Sinha, Chief Marketing Officer at Parnassus Investments. "They live with intention, and they want their investments to reflect that."
Values-driven investing is central to this cohort: 87% want to make a positive impact on the world, while 86% already incorporate environmental or social considerations into their daily lives. Despite this, many are navigating investing alone. Two-thirds said they are self-taught, and only 36% currently work with a financial advisor. This gap presents a clear opportunity for advisors to engage younger clients who are motivated but lack direction.
Across both datasets, the findings show that investors are looking for more holistic support, whether that means integrating purpose into retirement planning or aligning investments with personal values. For advisors, the opportunity—and challenge—lies in bridging these gaps. Retirees are seeking guidance that goes beyond financial projections, while younger investors need help translating intention into actionable strategies. As the industry evolves, firms that can address these broader needs may be better positioned to attract and retain clients across generations.
This trend aligns with broader shifts in the wealth management landscape. For instance, nearly half of U.S. adults are single, driving demand for solo-focused financial planning. Additionally, regulatory changes like the Trump executive order mandating a new retirement portal for uncovered workers may further reshape the advisory landscape. Advisors who can adapt to these demographic and regulatory shifts will likely find new avenues for growth.
