WASHINGTON, D.C. — When seeking financial advice, U.S. adults are more likely to turn to friends and family (43%) or financial advisers and planners (41%) than any other type of resource. The next-most-popular sources are financial websites (36%) and financial institutions such as banks and credit unions (32%).
Fewer adults tap various new and old media for guidance — 20% each use podcasts and webinars, social media, books, and TV and radio financial programs.
One of the least-widely used is employer-sponsored financial advice programs, mentioned by 14% of all U.S. adults. Government consumer resources rank last, with 12% reporting they rely on this category to any degree.
Additionally, respondents who say they get financial information from social media were asked if they actively follow any social media content creators who specialize in financial advice. Half of those who turn to social media for financial information — equivalent to 10% of all U.S. adults — say they follow such creators.
These findings are from a web survey of 2,036 U.S. adults, conducted April 2-15 using the Gallup Panel, in which respondents were asked whether they use each of 10 financial information and advice sources.
Eighty-five percent of Americans report taking advantage of at least one of the 10 financial advice resources, while 15% don’t use any.
- 67% of Americans indicate they use at least one of the two human sources for information and advice, either a personal relation or financial adviser.
- Slightly more, 73%, use one of the eight institutional or media-based sources.
- The majority, 54%, use both types — personal and nonpersonal.
Getting good financial advice could be especially important to Americans today, given broad public pessimism about their finances amid recent stock market volatility and continued high consumer prices. Less than half of Americans in April, 44%, rated their personal financial situation as excellent or good, which is below the historical average of 50% since 2001. At the same time, a record-high 53% said their financial situation is getting worse.
Younger Adults Rely on Personal Networks; Seniors, on Paid Advisers
Americans’ sources of financial guidance vary sharply by age. While young adults report greater reliance on friends and family as well as digital sources than on financial advisers, the opposite is true of older adults and seniors.
These differences partly reflect people’s need for more expert guidance as they accumulate experience and assets in life. They also highlight younger adults’ greater orientation to digital platforms.
Young adults (18-29)
The majority of adults aged 18 to 29 rely on friends and family for advice; the 57% who report this is the highest for any age group. Young adults also report relatively high use of online sources, with about four in 10 each reporting they use financial websites (42%) and social media (42%). Banks or credit unions (34%) and books (30%) round out their top five sources.
Additionally, nearly a quarter of 18- to 29-year-olds, 23%, report following personal finance content creators on social media.
Middle-aged adults (30-49)
Adults aged 30 to 49 rely on a broader mix of sources, blending personal, digital and professional advice. Friends and family (50%) and financial websites (43%) are key sources, but financial advisers and planners (40%) also rank high. This is the only age group with podcasts and webinars appearing in their top five (27%).
Older adults (50-64)
The financial advice choices of adults in their preretirement years are notably different from those of younger adults, with professional advice leading the list at 45%. This is ahead of friends and family (33%), banks and credit unions (31%) and financial websites (31%).
While finance-based TV and radio programs are in the middle of preretirees’ list, the 24% turning to these is the highest percentage of any age group. Only 10% use social media, including 3% who follow financial content creators.
Seniors (65+)
Half of adults 65 and older, 51%, report using financial advisers and planners, higher than any other source. Friends and family are tied for second place with financial institutions, at 27%, and close to one in four use financial websites (23%).
Seniors (18%) use TV and radio financial programs just as often as the two youngest age groups. However, fewer seniors utilize newer media formats such as podcasts/webinars (7%), social media (4%) and content creators (1%).
Wealthier Americans Lead in Use of Professional Advice, Financial Websites
Americans’ use of various sources of financial guidance differs less by household income than it does by age. One exception is financial advisers/planners, used by 54% of upper-income adults versus 39% of middle-income earners and 20% of lower-income adults.
Wealthier Americans are also moderately more likely than lower-income adults to be tapping more traditional financial advice or educational resources — financial websites, banks and credit unions, TV/radio financial programs, podcasts/webinars and employer-offered financial programs. At the same time, they report similar reliance on friends and family, as well as government resources and books. Lower-income adults are the slightly heavier users of social media.
Another notable difference by income is the proportion of each group that reports not using any of the 10 financial resources. Just 8% of upper-income Americans report not using any of the 10 sources, in contrast with 17% of middle-income earners and 23% of lower-income adults.
Differences in Americans’ use of financial resources by gender are even less pronounced than by income. Women are a bit more likely than men to say they turn to friends and family (46% vs. 39%) as well as to seek information from financial institutions like banks and credit unions (35% vs. 29%). Men, on the other hand, are more likely to use financial websites (42% vs. 31%), podcasts/webinars (23% vs. 17%) and books (23% vs. 17%).
Bottom Line
U.S. adults have a wide range of choices at their disposal for getting financial information and advice. These run the gamut from professional advisers to self-guided learning through websites, books and media.
Young adults are most likely to turn to friends and family, while seniors prefer financial advisers and planners. In both cases, the top source reflects a personal relationship, highlighting the importance of the human connection in financial decision-making.
This pattern raises an important question: Will today’s younger generations eventually rely on professional guidance the way today’s older adults do? Or will their greater comfort with digital tools, such as financial websites and social media, empower them to remain largely self-directed in managing their finances?
The answer may hinge on two forces: people’s continued need for human connection, and the ability of financial technology to deliver not just powerful tools, but the confidence and competence consumers need to use them independently.
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