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Financial Planning > Behavioral Finance

This Is Where Americans Get Their Financial Advice

By Michael S. Fischer

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Fifty-seven percent of Americans have sought financial advice in 2023, and where they looked for it differed by age and income, according to survey results that Bankrate released Thursday.

YouGov Plc conducted the survey in mid-November with 2,391 U.S. adults.

The number of Americans who sought financial advice this year decreased with age:

  • Generation Z: 76%
  • Millennials: 65%
  • Gen Xers: 51%
  • Baby boomers: 46%

The percentage of advice seekers increased with annual household income. Only 51% of those with less than $50,000 sought advice, while 75% of those with $100,000 or more did so.

Sources of Advice

The Bankrate survey revealed the wide array of sources that Americans use for financial advice and allowed respondents to provide multiple answers for any source they used in 2023.

Friends and family topped the list, cited by 47% of respondents. More than half of younger folks asked friends and family for advice, while only a third of boomers followed suit.

Thirty-five percent of survey participants sought advice from financial advisors and other professionals, including 52% of boomers, but less than a third of younger respondents. However, many high-net-worth investors younger than 45 do seek advice.

It’s hoped, of course, that all those who use financial advisors do careful due diligence before choosing one.

Social media was the third primary source of financial advice, ticked by 30% of participants. Perhaps not surprisingly, 49% of Gen Z and 43% of millennials said they look for advice on social media, compared with 21% of Gen Xers and 6% of boomers.

The most popular social media platforms for financial advice among respondents are influencers on Facebook, Instagram, TikTok, X (Twitter). These, however, are not the only “influencers” who can provide valuable advice.

Other sources of financial advice cited by survey participants: financial websites, 28%; banks or other financial institutions, 22%; radio, TV or podcasts, 18%; books, 16%; and newspapers/magazines, 14%.

Michael S. Fischer

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