This Is Where Americans Get Their Financial Advice

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%.