Most People Turn to Others for Money Advice

June 2, 2005 (PLANSPONSOR.com) - Nearly 90% of those in a recent survey look to others for financial advice - most frequently their spouse or parents.

Eighty-seven percent of those responding to a Thrivent Financial survey said they go to others for answers to money questions, said a news release. Thirty-one percent of Americans say they primarily rely on a relative’s advice about saving and investing money. Among other respondents:

  • 27% consult a financial services professional
  • 16% consult a friend or co-worker
  • 8% rely on financial publications or television shows
  • 4% go on the Web
  • 10% say they rely only on themselves.

According to survey respondents, the advice given them is highly credible. Sixty-two percent of respondents said they had either total trust (22%) or a great deal of trust (40%) in the advice they received. Thirty percent of respondents said they had some trust in the advice received and just 8% they didn’t trust their advice giver, according to the news release. Women were significantly more likely than men to have total or a great deal of trust in the advice received (69% versus 53%).

Factors that Americans consider either absolutely important or very important in considering a trusted advisor include:

  • personal integrity (80%)
  • a track record of providing good financial advice (80%)
  • many years of experience (72%)
  • asking about respondents’ personal values (57%).

Interviews were conducted between November 29 and December 5, 2004 among 1,002 non-retired US adults.

«