Family and friends, along with financial advisors and planners, are the people U.S. adults turn to most for financial advice, a survey out this week from Gallup shows, with 43% relying on family and friends and 41% on advisors. Financial websites (36%) and financial institutions such as banks and credit unions (32%) also were top picks.
Fewer adults tap various new and old media for guidance — 20% each use podcasts and webinars, social media, books and TV and radio financial programs, Gallup found.
While young adults age 18-29 are the most likely to ask family and friends for advice (57%) they are also the biggest users of social media (42%) for that task. The older investors get, the more likely they are to rely on professional financial advisors and planners, the poll found.
“This pattern raises an important question: Will today’s younger generations eventually rely on professional guidance the way today’s older adults do? Or will their greater comfort with digital tools, such as financial websites and social media, empower them to remain largely self-directed in managing their finances?” Gallup said in a release announcing the results.
“The answer may hinge on two forces: people’s continued need for human connection, and the ability of financial technology to deliver not just powerful tools, but the confidence and competence consumers need to use them independently.”
The survey found these other age-related differences:
- Young adults (18-29): Young adults report relatively high use of online sources, with about four in 10 each reporting they use financial websites (42%) and social media (42%). Banks or credit unions (34%) and books (30%) round out their top five sources. Additionally, nearly a quarter of 18- to 29-year-olds, 23%, report following personal finance content creators on social media.
- Middle-aged adults (30-49): Adults aged 30 to 49 rely on a broader mix of sources, blending personal, digital and professional advice. Friends and family (50%) and financial websites (43%) are key sources, but financial advisers and planners (40%) also rank high. This is the only age group with podcasts and webinars appearing in their top five (27%).
- Older adults (50-64): Professional advice leads the list at 45%. This is ahead of friends and family (33%), banks and credit unions (31%) and financial websites (31%). While finance-based TV and radio programs are in the middle of preretirees’ list, the 24% turning to these is the highest percentage of any age group. Only 10% use social media, including 3% who follow financial content creators.
- Seniors (65+): Half of adults 65 and older, 51%, report using financial advisers and planners, higher than any other source. Seniors (18%) use TV and radio financial programs just as often as the two youngest age groups. However, fewer seniors utilize newer media formats such as podcasts/webinars (7%), social media (4%) and content creators (1%).
The findings are from a web survey of 2,036 U.S. adults, conducted April 2-15 using the Gallup Panel, in which respondents were asked whether they use each of 10 financial information and advice sources.
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