But many Gen Zers rely heavily on social media for advice
How did you learn about personal finance?
Was it through discussing budgeting tips with friends, consulting family members on the best products, studying financial topics in school or maybe picking up recommended reading material?
According to a recent CreditCards.com survey, 37% of U.S. adults cited friends and family as their go-to resources for financial advice. But the survey also found that Gen Zers were nearly five times as likely (28%), as adults ages 41 and over, to say they got financial counsel from social media.
U.S. adults overall also sought financial advice from other sources: A quarter (25%) turned to financial websites. Nearly a quarter (24%) went to financial advisors, and the same percentage took advice from financial institutions. Significantly fewer turned to social media platforms or influencers (14%); newspapers or magazines (14%); books (13%); radio, TV or podcasts (13%); or somewhere else (2%).
And almost one-third (31%) said they get no financial advice at all.
Respondents’ answers to the question, “Who taught you the most about how to manage money?” were overwhelmingly “myself” (43%), followed by “my mum” or “my dad” (19% and 17%, respectively).
It’s important to remember that financial matters are personal and that everyone’s circumstances are a bit different, said Ted Rossman, senior industry analyst at creditcards.com. Rossman also said that it’s important to blend a variety of outside perspectives with your own experiences and goals.
“I don’t think any of these mediums have inherently good or bad financial advice – it’s more about what you do with it,” Rossman said.
Individual situations and finances do vary from person to person of course. There’s no guarantee that everybody would automatically be two-fifths better off as a result of taking financial advice.
As well as requiring the financial knowledge, It is important that you fully understand your specific goals and objectives, to ensure your financial needs are met, and seeking a second oppinion from a financial professional, will enable investors to gain the required understanding to make the correct financial decisions for them and their family's.
I don't charge for financial advice and your enquiry will only cost you your time. We’re a fully independent company, so, if a financial product is required, we have access to the products of a world-wide range of life assurance companies and financial institutions, which enables us to identify and put in place, the right product to meet your specific requirement and your appetite for risk.
If you would like to find out more about how I can advise you and help you get your money working a little harder, please 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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