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Financial Guidance Survey 2020-01-14T12:20:17-08:00

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 1,038 people across the US responded to this one-question survey: “When you have a financial question, who do you 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.

Survey Results

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

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 (2020) 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

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