The Federal Reserve’s 2023 Report on the Economic Well-Being of U.S. Households, published in May 2024, found that only 68% of Americans could cover an unexpected $400 expense with cash or a credit card paid off by the next statement.
The rest would need to borrow, sell something or simply wouldn’t be able to cover the expense. This became especially challenging during the Biden administration due to historical inflation and the resulting high consumer prices. While inflation and prices have moderated downward, consumer sentiment is still dampened by the uncertainty swirling around the Trump administration’s fiscal policies and the global response to new trade tariffs.
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Did you know more people are taught how to dance, apply makeup and earn travel rewards than how to manage their finances? Americans are in dire need of financial literacy.
These factors together have combined to reignite people’s interest in enhancing their personal finances. As social media becomes the go-to for life hacks, people have also searched social media for financial advice. The results are often flooded with dubious investment advice. Even artificial intelligence (AI) is still woefully error-filled when it comes to financial topics.
However, many people cannot afford professional advice. New clients often need to reduce debt and set up a meaningful budget before they can even consider investing. This can put their situation at odds with financial professionals who have minimum requirements for income, net worth or assets before accepting new clients.
Fortunately, do-it-yourself (DIY) financial planning is becoming more accessible and of higher quality as new tools and resources continuously emerge. Additionally, more financial professionals are carving out niches working with low-income, traditionally underserved communities and retirees already in their distribution phases. Some offer services on an hourly or project basis, which may cost a bit more, but they can be ideal for investors who need extra guidance on their road to financial savviness.
For those wanting to take the DIY route, here are some resources for finding financial advice:
— Online education.
— Banks, credit unions, brokerage firms and insurance companies.
— Employee benefits.
— Robo advisors.
— Industry pro-bono groups.
— Government programs.
— Specialty groups.
Online Education
The internet is packed with resources to boost your financial literacy, and it can be an excellent place to start your journey. You can search for specific questions, such as “How much should a mortgage cost?” or broader topics like “How to start investing.”
However, while online information can be helpful to resolve specific questions, you may not realize how the more comprehensive financial picture is equally important. For example, you may discover how much a mortgage costs, but not learn how to determine what percentage of your income is prudent to use for a mortgage payment. Incomplete information could cause you to make a minimum down payment, which may not give you an optimal interest rate or may cause you to pay additional fees that would not be required with a larger down payment.
The adage of “not believing everything on the internet” perfectly meets “buyer beware.” Online caution is especially important. Many social media influencers are selling products and services, but they may not have the requisite industry licensing. Additionally, their content may not follow industry regulations designed to protect consumers. Being wary of following online advice without more verification is a prudent step.
Banks, Credit Unions, Brokerage Firms and Insurance Companies
Many large financial institutions offer complimentary financial advice alongside their products. They often provide financial plans at a low cost or for free when you meet with one of their consultants, whether in person or virtually. Their websites are filled with comprehensive info that is more complete than social media and meets industry regulations.
If you eventually purchase their products or use their services, the institution will pay the advisor a commission. It does not mean that it was free; rather, the cost is built into the product itself.
While larger institutions may have more resources available, some smaller firms can offer more personalized service that new investors need.
Employee Benefits
Employers understand that when times are good, worker morale is an important differentiator in keeping their employees from leaving. When times are challenging, benefits can increase worker wellness and reduce stress.
PricewaterhouseCoopers (PwC) conducted a September 2024 survey, published in January 2025, of about 350 investment professionals across multiple countries. It found that investors were cautiously optimistic about the economy, but they found it challenging to navigate the complexity. Companies expect headwinds in inflation, cybersecurity risks and geopolitical risks. They are also keeping an eye out for technological advancements and how AI could impact their workforces. However, PwC’s 2024 global survey of 3,638 full-time employed U.S. adults across a variety of industries found that employees are struggling with high consumer prices (44%), lagging wage growth (59%) and skyrocketing credit card debt (44%). It is easy to see where there can be a disconnect between employer and employee.
Employees recognize that AI can disrupt their financial plans. As corporate financial stress mounts, employers are looking more closely at their employees for relief, including layoffs. On a positive front, PwC’s 2025 survey results found that fewer companies see AI leading to headcount reductions of 5% or more. Of note, those same corporate leaders envision that they may be able to hire a greater number of employees if the optimization that AI promises comes true, especially those who upskill their workforces.
For all of these reasons, consumers should see what financial guidance and well-being benefits their employers can provide. About 70% of companies do offer services, especially with the backing of the government.
Many lawmakers believe that the workplace is a valuable launching ground for workers to improve their retirement savings. Congress passed the SECURE 2.0 Act, which will require employers to automatically enroll eligible employees in 401(k) and 403(b) qualified retirement plans in 2025, opening up new opportunities for savings and investment.
[READ: 8 Rules for Managing Your 401(k) in a Recession]
Robo Advisors
A robo advisor is an AI-powered digital platform that financial firms and banks use to provide portfolio management services and financial planning on a more cost-effective basis with smaller account holders. These platforms create recommendations based on a series of general questions about your financial picture. Firms also offer a wealth of educational resources organized by life events, such as the purchase of a home, a new baby or college planning.
These platforms will typically recommend low-cost investment solutions, such as passive index funds, but they can be an excellent beginning point for those with a limited amount of funds to invest and those who want to learn as they go.
Additionally, there are now a substantial number of fintech companies that have created platforms to offer financial planning as a stand-alone service. Consumers can do an internet search for “budgeting apps” to get started. These apps often have a free trial period to see which service best fits an individual’s situation.
Industry Pro-Bono Groups
Several financial planning organizations now offer pro-bono services for underserved clients like veterans, low-income individuals and those facing unexpected life events.
The Foundation for Financial Planning offers grants, technical assistance and other training resources to key industry groups so that they can offer these free and low-cost services. You can learn more about the groups in your area that participate through the foundation’s website.
Four groups stand out with their commitment to pro-bono services:
— The CFP® Board: This group of over 100,000 fee-only advisors offers their Pro Bono Initiative in partnership with the Foundation for Financial Planning. CFP® professionals volunteered 312,237 pro bono hours in 2023 and 389,435 hours in 2024.
— Financial Planning Association (FPA): Celebrating its 25th year, the FPA has 76 national chapters and has offered nearly 15,000 hours of free guidance by its 22,000 certified financial planners to qualified individuals.
— National Association of Personal Financial Advisors (NAPFA): Through its Consumer Education Foundation, fee-only advisors volunteer to waive their fees. It has partnered with the Foundation for Financial Planning since 2016.
— Savvy Ladies: Founded in 2003, this 501(c)(3) nonprofit has provided independent, unbiased financial advice to more than 25,000 women, with topics ranging from family budgeting to debt management, retirement planning, student debt, career planning and divorce via blogs, webinars, in-person events and a free financial helpline.
Government Programs
Federal, state and local governments provide a range of services for citizens, depending on income, age and other factors. These programs include:
— Consumer Financial Protection Bureau (CFPB): This agency implements and enforces federal laws and regulations, ensuring that financial institutions offer consumer financial products fairly and competitively. The CFPB also serves as the official governmental agency offering financial advice on a variety of topics such as student debt, mortgages and planning for retirement.
— Volunteer Income Tax Assistance (VITA): The IRS provides tax assistance to those who make $67,000 or less, people with disabilities or those who may have limited English-speaking capabilities.
— Tax Counseling for the Elderly (TCE): The IRS has a separate program for taxpayers age 60 and older that specializes in retirement-related issues unique to seniors.
— U.S. Department of Housing and Urban Development (HUD): This agency provides counseling services and advice on housing topics, including home loans (traditional and reverse mortgages), foreclosure, eviction procedures and credit issues.
Specialty Groups
Consumers can also find invaluable advice from organizations that cater to specific populations, like seniors and small business owners. Not only can they give great insight into financial topics, they often include additional services that each niche group needs. Many of them have been in existence for 60-plus years, giving them a wide variety of experience on the issues facing their constituents.
Three key groups include:
— National Council on Aging (NCOA): Since 1950, the NCOA has been an advocate for senior citizens on topics such as Medicare, Medicaid and the Older Americans Act.
— National Foundation for Credit Counseling (NFCC): An accredited national network of counselors is available to assist consumers with debt management and financial literacy, bringing relief and a brighter future.
— Service Corps of Retired Executives (SCORE): Celebrating 60 years, SCORE’s volunteer executives provide free services to help prospective owners not only plan, launch and grow small businesses, but also how to exit them at their highest possible valuation.
Ready to Take Action?
It’s easier than ever to take control of your financial future. While you don’t have to be wealthy to start moving in the right direction, you do need to create the right structure to succeed.
These steps are vital to start:
— Get your paperwork organized. Set up physical or digital files that you can easily access to keep copies of your payroll stubs, tax returns, housing documents and utility bills.
— Use a notebook to track spending for one to three months. Write down every expenditure, including the date, amount, recipient and purpose. Many people also find that including their emotional state at the time of purchase to be an interesting study, especially if they are overspending their income.
— Get a copy of your credit report. You can do this annually for free.
— Get a copy of your Social Security earnings record.
Budgeting, tracking your net worth and correcting any errors in your key documents create the building blocks for a savvy financial future.
While free resources are great, do not hesitate to seek paid professional advice when you’re ready. Many advisors are changing their practices to meet the needs of clients who are still building their financial foundations. By demonstrating your commitment to your financial future, you are able to position yourself as an attractive client — even if you haven’t yet amassed significant assets.
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Where to Find Free Professional Financial Advice originally appeared on usnews.com
Update 04/22/25: This story was previously published at an earlier date and has been updated with new information.
