Who Do Americans Turn to the Most for Financial Guidance? Not FAs.

By Ming Li October 12, 2020

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.

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.

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