About 75% of Americans feel as if they ought to give financial advice to others.
Northwestern Mutual Life Insurance Company, Milwaukee, discovered the widespread nature of the urge to pass financial advice on to others when it surveyed 1,057 U.S. adults in March and April.
Only 25% of the participants said they feel no sense of responsibility to pass on financial advice, and 60% said they feel some responsibility or a slight sense of responsibility to do so. About 15% said they feel a strong sense of responsibility to share what they know about finances.
Men reported less sense of responsibility to give financial advice, but they also were more likely to report giving financial advice to friends, spouses and colleagues.
About 37% of college graduates and 17% of non-grads said they had given financial advice to colleagues.
Many participants said they would advise others to save more and invest in conservative financial products; few said they would advise others to “spend money while you have it” or “invest more in the stock market.”
No information was available on survey participants’ propensity to say “booyah.”