Working Americans seek financial advice from family members and friends more than they do from financial advisors, the media and online sources, a new study shows.
The top channels people turn to for financial advice are family, cited by 43% of Americans, and friends, 39%, according to the biannual Sun Life Financial Unretirement Index study by the U.S. division of Sun Life Financial Inc., Wellesley, Mass.
Financial advisors ranked third, with 36% of Americans naming them as a resource. Older Americans were more likely to look to financial advisors than were younger ones, according to the survey. Only 45% of workers in their 60s–those closest to retirement– sought financial advice from financial professionals.
Only one-third of Americans cited online or television news as a place to get this information, while 28% used newspapers, Sun Life said.
The last places people turn to for financial advice are advertisements (11%), blogs and online forums (10%) and TV personalities (10%). The answers for these categories were consistent across all age groups.