Financial Guidance Survey

In a recent survey, the National Financial Educators Council (NFEC) sought to learn where Americans turn when they need help with their personal finances. Specifically, they wanted to find out the proportion of American adults who have someone they trust to turn to for financial guidance. A total of 1,201 people across the US responded to this one-question survey: “When you have a financial question, who do you personally turn to for trusted financial guidance?”

This question is important because, 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. These survey results indicated that many people lack access to trusted, qualified professionals who offer financial guidance, especially the younger adults who responded.

Five Top Priorities for Employee Financial Wellness

Five Top Priorities for Employee Financial Wellness

Report: Where Do People Look For Financial Guidance?

In the evolving post-pandemic workplace, one topic that’s earning increased attention is the need for companies to address their employees’ financial well-being. While it’s no secret that dealing with money issues is stressful, most employers now understand that it’s also time-consuming – eating into worker productivity and increasing absenteeism.

Financial Guidance Whitepaper - Where Do People Look For Financial Guidance??

Past Survey Results

1,001 Respondents between September 23th and October 6th, 2021

40.8%

Parents, Family, Friends, or Coworkers

33.4%

Financial Professionals

25.8%

I Don’t Have Anyone Trusted to Turn To

1,251 Respondents between September 26th and October 2nd, 2020

39.7%

Parents, Family, Friends, or Coworkers

35.9%

Financial Professionals

24.4%

I Don’t Have Anyone Trusted to Turn To

1038 Respondents between September to December 2019

362 Respondents ages 18 to 34

37.4%

Parents / Guardians

22.4%

I Don’t Have Anyone Trusted to Turn to

22.4%

Financial Professionals (advisors, etc.)

9.9%

Friends / Coworkers

8%

Siblings / Extended Family

343 Respondents ages 35 to 54

35%

Financial Professionals (advisors, etc.)

22.2%

I Don’t Have Anyone Trusted to Turn to

17.4%

Parents / Guardians

14.9%

Friends / Coworkers

10.5%

Siblings / Extended Family

333 Respondents at or over 55 years old

41.4%

Financial Professionals (advisors, etc.)

24.3%

I Don’t Have Anyone Trusted to Turn to

14.1%

Friends / Coworkers

11.4%

Siblings / Extended Family

9%

Parents / Guardians

Additional Financial Guidance Information

National Financial Educators Council Where to Turn for Trusted Financial Guidance

Financial Conduct Authority (2017). Consumer Explanations of “Advice and Guidance.” London, UK: FCA. https://www.fca.org.uk/publication/research/fawg-consumer-explanations-advice-guidance.pdf

InvestmentNews Coverage of Survey Results

Financial Advisor IQ reacts to the Financial Guidance Survey Results.

Certified Financial Planner ® Board of Standards, Inc. (2017). Continuing Education Policies. Washington, DC: CFPBS. https://www.cfp.net/for-cfp-professionals/continuing-education

National Financial Educators Council  Financial Guidance

Forbes’ coverage of the need for financial literacy, citing this survey.