According to a May 2025 Gallup poll, 85% of US consumers say they’re looking for personal finance information.
The highest percentage, at 43%, are asking their friends and family members for money guidance, followed by 41% who are consulting with trained financial advisors and planners. Thirty-six percent turn to financial websites, and 32% visit financial institutions such as banks and credit unions.
Older and newer methods of disseminating personal finance information fell far short, however, with just 20% of those polled using podcasts, webinars, social media, books, and TV and radio programs to learn about their money.
Seeking financial advice from reputable sources is crucial. Inaccuracies can lead to even greater confusion, or worse, regrettable decisions.
Why People Are Asking Known Entities for Financial Advice
Waning trust in sources that provide nonpersonalized advice may be at least partially to blame for people seeking guidance from friends and family.
People are seeking authenticity, says Dr. Annie Cole, founder and financial coach at Money Essentials for Women, from Vancouver, Washington. She recently ran a few focus groups about how people obtained information and confirmed that most aren’t getting it from professionals.
“They’re looking to people they trust; their friends and family,” says Cole. “They want information from people they know, who have lived experience.”
While social media platforms like Instagram, TikTok and YouTube feature countless creators offering personal finance advice, the space has become overwhelming for many. A 2025 Wells Fargo Money Study report found that 47% of Americans feel bombarded on social media by people talking about and displaying their money.
Close relationships, therefore, are more appealing, with 63% of the respondents saying family has the most positive influence on their approach to money.
[Related:Mint Has Shut Down: Here Are the 5 Best Free Budgeting Apps to Use Instead]
People’s Trust in Their Own Financial Capability Is Strong
Just because people are seeking money advice, it doesn’t mean they lack trust in their own financial goals and abilities. The Wells Fargo report found that 86% of people have a clear picture of what they want their money to do for them, and 45% said they secretly know more about finances than they typically let on.
This could be due to the predominance of information about money that is already disseminated, Cole says.
“There is a rise in financial education, especially for young people,” she says. “They’re seeing tips and strategies all over the place. If you’re scrolling through the news or social media, you’ll get information even if you’re not actively looking for it.”
What people often want are specifics: information that fits their unique needs.
“In this day and age we all go to Google and ChatGPT,” Cole says. “It’s a great place to start, but getting into the nitty gritty, reviewing the numbers, and developing a plan is different.”
That’s when they need more than just a relative who can explain how their bankruptcy worked out, a generic article covering mutual funds or a two-minute video about credit scores.
[READ: 12 Best Free Online Personal Finance Courses.]
How Financial Professionals Can Help
Chad Gammon, a certified financial planner from Cedar Rapids, Iowa, agrees that many people feel more comfortable going to friends and family for financial advice. “It’s a sensitive topic,” he says. “The financial advising industry can be a bit intimidating.”
However, professionals, such as those with Certified Financial Planner designations, must undergo rigorous education, possess extensive experience in the field and adhere to high ethical standards. They also act as fiduciaries, so they are legally and ethically obligated to put their clients’ best interests first.
As knowledgeable as personal acquaintances can be about money, a person with plenty of life experience but no training can still give bad advice.
“Your friend could be looking at older information that was right when they used it but is wrong today,” Gammon says. “They may tell you to find a job that has a pension, which is great, but that’s pretty hard to find now. Or they have misconceptions about 401(k)s, health savings accounts. These things are changing all the time.”
Friends can have a vested interest in the outcome, too, but hired professionals do not, stresses Gammon.
There are so many ways an intelligent and trusted individual can get the information wrong, even when they’re on the right track, Cole says. “Taxes, for example. You want to work with someone who can give the bigger picture, not just one tip. It could be incomplete or correct, but not for your circumstances.”
[Read: Answers to 15 Common Tax Questions]
Because cost is a concern for many, Gammon suggests starting with an advisor who offers a flat fee or charges an hourly rate. “You will want to interview several advisors to make sure you have a good fit,” he says.
To find a certified professional, the National Association of Personal Financial Advisors, XY Planning Network and Advice-Only Network are recommended member agencies.
The U.S. Government Ranks Last for Financial Guidance
Interestingly, one of the least-widely used sources of financial information is employer-sponsored financial advice programs, mentioned by 14% of all U.S. adults in the Gallup poll, but government consumer resources rank last, with a mere 12% reporting they rely on this category to any degree.
“This is too bad,” says Cole. “A man recently asked me about Treasury notes, and I sent him to the government website (Treasury Direct). But the financial information from the government sites is so complex, and I found it’s not that consumer-friendly.”
The Federal Reserve, for example, publishes the latest economic data and forecasts that can be pertinent for many Americans. Still, the information is high level and can be confusing to novices.
An official resource that can be very helpful, though, is the Consumer Finance Protection Bureau, which maintains a strong database filled with financial education articles about banking and credit.
“You’ll find the latest information about financial legislation and policy changes,” Cole says. “They get up-to-date technical information, and that is critical.”
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85% of Consumers Are Looking for Financial Advice. Here’s How to Start Taking Control of Your Finances originally appeared on usnews.com
