A recent survey of working Americans found that family members and friends rank as the top go-to places for people seeking financial advice. Financial advisors ranked third.
The survey of nearly 1,500 full- and part-time workers sponsored by U.S. division of Sun Life Financial Inc. found that 43% of respondents turn to family for financial advice, followed by friends (39%).
Financial advisors finished third (36%), followed by both news on the web and TV news (33% each).
"We understand why people would turn to family and friends for advice on important financial decisions, but financial advisors should be alarmed at these findings," said Wes Thompson, President of Sun Life Financial U.S. "Between the current economy and the flood of boomers approaching retirement, this is an unprecedented opportunity for advisors to showcase their skills in ensuring younger Americans are correctly planning and investing for their future, and to make sure those about to retire have a proper retirement income plan in place to sustain them during their later years."
Based on age demographic breakdowns, younger people ages 18 to 39 are more inclined turn to family and friends for financial advice. Folks ages 40 and up--who are more apt to have various assets and investments--tilt more toward using financial advisors.
But no matter the age group, only a small minority rely on blogs or TV personalities for financial advice. Those two categories--blogs and online forums, and TV personalities--both scored 10% and were the least likely sources for financial advice among survey respondents.