2023 GOBankingRates Survey: Americans and Money Advice
There’s no shortage of places to turn for financial advice, from books and podcasts to TV shows and TikToks. But where are most Americans going for this advice? And who do they trust — and not trust?
To find out, GOBankingRates surveyed more than 1,000 Americans about their preferences for getting financial tips and tricks. Here’s a look at how most people are getting their money advice, how they judge whether or not a source is trustworthy and the topics they want to learn about the most.
Key Statistics
- 52% of Americans have followed money advice from a well-known expert.
- 46% of Americans say that friends and family are their primary source for financial advice. Family and friends are also most Americans’ (36%) primary source for retirement advice in particular.
- 32% of Americans said they are least likely to turn to social media for financial advice. However, 29% said they would follow money advice from social media, with an additional 51% saying they would follow advice from social media depending on the source.
- The financial topics Americans most want to learn more about are how to save more (36%) and how to invest (23%).
- The most important factors in a source’s trustworthiness, according to most Americans, are relatability (50%) and credentials and accolades (48%).
What is your primary source for money advice?
What would you like to learn the most about in order to improve your personal finances?
Have you ever followed money advice from a well-known expert?
More Survey Results
| Have you ever followed money advice from a well-known expert? | Response Rate |
| Yes | 52.44% |
| No | 47.56% |
| What is your primary source for money (personal finance) advice? | Response Rate |
| Books | 4.4% |
| Friends & Family | 46.03% |
| News | 1.15% |
| Online | 15.69% |
| Personal Accountant or Financial Advisor | 7.94% |
| Social Media | 13.88% |
| Television | 1.44% |
| Well known Money Expert (excluding CPAs and Financial Advisors) | 9.47% |
| In the past year where have you sought out money (personal finance) advice? | Response Rate |
| Books | 20.29% |
| Friends & Family | 55.22% |
| News | 11.67% |
| Online | 44.31% |
| Personal Accountant or Financial Advisor | 18.95% |
| Social Media | 31.58% |
| Television | 19.43% |
| Well known Money Expert (excluding CPAs and Financial Advisors) | 26.51% |
| Would you ever follow money advice from a popular mogul/influencer? | Response Rate |
| Yes | 35.5% |
| Would depend on the person | 44.78% |
| Never | 19.71% |
| What do you look for in your sources for personal finance information? | Response Rate |
| Well-known name | 32.25% |
| Credentials and accolades | 47.56% |
| Relatability | 49.76% |
| Recommendations from friends & family | 37.22% |
| Someone ahead of the trends | 15.41% |
| Expertise in specific topic and/or audience | 35.02% |
| What would you like to learn the most about in order to improve your personal finances? | Response Rate |
| How to increase your passive income | 10.05% |
| How to invest | 23.44% |
| How to pay off debt | 11.67% |
| How to protect investments/savings | 4.88% |
| How to save for retirement | 4.02% |
| How to save more | 35.98% |
| How to start a small business | 4.88% |
| Using credit card properly | 5.07% |
| Where do you get retirement advice from? | Response Rate |
| Family friends | 35.89% |
| Financial advisor | 30.33% |
| My human resource department | 17.8% |
| Popular money expert (i.e. Dave Ramsey, Suze Orman, Robert Kiyosaki, etc.) | 18.95% |
| Social Media (Facebook, YouTube, TikTok, Instagram, etc.) | 17.89% |
| New programs (CNBC, Fox Business, etc.) | 10.53% |
| Other | 7.46% |
| I do not seek out retirement advice | 24.69% |
| Where do you feel most comfortable investing your money? | Response Rate |
| Certificates of deposit | 4.69% |
| Individual stocks | 20% |
| Low cost index funds | 5.26% |
| Online savings accounts | 15.60% |
| Real estate | 10.91% |
| Stock ETFs and mutual funds | 9.57% |
| Treasury bills/bonds | 2.01% |
| I do not invest | 31.96% |
Methodology
GOBankingRates surveyed 1,045 Americans aged 18 and older from across the country between May 1 and May 4, 2023, asking thirteen different questions: (1) Have you ever followed money advice from a well-known expert?; (2) What is your primary source for money (personal finance) advice?; (3) What would be your LEAST likely source for money (personal finance) advice?; (4) In the past year where have you sought out money (personal finance) advice? (Select all that apply); (5) Would you ever follow money advice you found on Social Media?; (6) Would you ever follow money advice from a popular mogul/influencer? (i.e. Mark Cuban, Dave Ramsey, Suze Orman, etc.); (7) What would you like to learn the most about in order to improve your personal finances?; (8) What do you look for in your sources for personal finance information? (Select all that apply); (9) Have you bought a book on personal finance/money advice in the last year?; (10) Have you subscribed to a podcast on personal finance/money advice in the last year?; (11)In an economic downturn where do you invest your money? (Select all that apply); (12) Where do you feel most comfortable investing your money?; and (13) Where do you get retirement advice from? (Select all that apply). GOBankingRates used PureSpectrum’s survey platform to conduct the poll.
