Here are some other major findings from CreditCard.com's financial literacy poll:
Financial websites are important:
Many respondents said they get financial advice from financial websites, including 25% of Gen Zers, 30% of millennials, 27% of Gen Xers and 19% of baby boomers.
Age makes a difference:
The poll showed that of those who get advice from friends and family, Gen Zers lead the way at 53%, while millennials come in at 44%, Gen Xers at 37% and boomers at 25%.
Gen Zers favored social media the most:
Twenty-eight percent of Gen Zers said they sought advice from social media platforms and influencers, while only 24% of millennials, 10% of Gen Xers and 4% of boomers said the same.
More Gen Zers go without advice:
Twenty-two percent of Gen Zers admitted to getting no financial advice at all, compared with 23% of millennials, 36% of Gen Xers and 39% of boomers.
The most trustworthy sources:
Seventy percent of survey takers said they felt financial advisors are trustworthy (versus 16% who said they are not), 69% found financial institutions trustworthy (versus 20% not trustworthy), 64% found friends and family trustworthy (versus 24% not trustworthy), 60% found books trustworthy (versus 22% not trustworthy) and 57% found financial websites trustworthy (versus 26% not trustworthy).
The least trustworthy source:
Only 21% of respondents said that social media platforms are trustworthy (versus 65% who said they are not).
All income levels listed friends and family as trusted advisors first:
Most households earning $80,000-plus annually said they got financial advice from family and friends (45%) and financial advisors (39%). And 32% of those families making less than $40,000 per year said they got advice from family and friends, while 12% said financial advisors. Nearly half the respondents in the lowest income bracket (42%) said they don’t get any financial advice at all, compared with middle-income earners (30%) and highest-income earners (14%).
The survey of 2,603 U.S. adults was conducted online between March 10-12, 2021.
If you would like to find out more about how I can advise you and help you get your money working a little harder, contact me. I will be happy to help with whatever questions you may have.
Rob.
E; robert.gourlay@holbornassets.com T; (+6) 01151565649 W; rgwealthsolutions.com
Survey methodology
CreditCards.com commissioned YouGov Plc to conduct the survey. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,603 adults. Fieldwork was undertaken March 10-12, 2021. The survey was carried out online and meets rigorous quality standards. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
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