Who do Americans Turn to the Most for Financial Guidance? Not Financial Advisors.

Who do Americans Turn to the Most for Financial Guidance? Not Financial Advisors.

When you have a financial question, who do you turn to for trusted financial guidance?

When Americans need help with their personal finances, they are most likely to seek advice from people around them — or no one at all — rather than from financial professionals, a recent survey finds

Nearly 40% of the survey respondents would go to parents, family, friends or coworkers for financial guidance, according to the National Financial Educators Council. Around 24% don’t have anyone trusted to turn to. The rest, or around 36%, said they would turn to financial professionals

The findings indicate that “many people lack access to trusted, qualified professionals who offer financial guidance,” the NFEC writes about the results of the survey

“When people have trusted professionals to whom they can turn when making money decisions, they are better able to consider options that align with their short- and long-term needs,” NFEC adds

The NFEC’s findings are based on a survey of 1,038 people across the U.S. The response was part of a bigger survey about personal finances that was conducted from September 26 to October 2. NFEC didn’t give a breakdown of the respondents


Source. National Financial Educators Council

The NFEC is an independent social enterprise organization that aims to create a world where people are informed to make qualified financial decisions that improve their lives, the lives of their loved ones, and the lives of people they impact around the globe. The NFEC provides personal financial literacy education resources to people and organizations with a passion to improve the financial capabilities of citizens in their communities. including



Original article published by Financial Advisor IQ, by Ming Li, October 12, 2020.