Nearly half of Americans struggle to find trusted financial advice, according to a survey by TIAA-CREF.
The company polled a random sampling of 1,000 U.S. adults, asking them about their attitudes, preferences and behaviors about receiving financial advice.
It found that 48 percent of Americans say it is hard to know which sources of financial advice can be trusted. Thirty-seven percent say they don’t like talking to anyone about their finances.
Cost and time also figure into people’s decision to seek out financial advice, according to the survey. One-third of those polled said they don’t have time to seek financial advice and two-fifths believe that good financial advice costs more than they can afford.
“When it comes to financial advice, trust and personal touch are key if we expect individuals to take action,” said Eric Jones, senior managing director, advisory solutions at TIAA-CREF.
The poll also found more than half of Americans say they would prefer to get financial advice from a single point of contact or location. Women, who continue to be less confident than men that they are saving enough for retirement, would rather rely on friends and family for their financial advice. Men are more likely to rely on financial service provider websites and online tools.