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.