Jun 18, 2024

News provided by Share this article New Policygenius survey shows stark differences in where Americans turn when they need money advice NEW YORK, June 18, 2024 /PRNewswire/ -- Americans have plenty of choices when it comes to where they get financial advice, from websites and social media influencers to professional experts like CFPs, CFAs, and CPAs. New data released today  shows that more than a quarter (26%) of Americans would turn to financial professionals first, but that's not the first source for younger generations. Adult members of Generation Z are 65% less likely to turn to a financial professional first with a question about their finances compared to baby boomers. Plus, Gen Z are nine times more likely than boomers to turn to social media first. 39% of baby boomers (age 59 to 77 at the time of the survey) would turn to a financial professional first when they have a question about their finances, compared to just 14% of Gen Z (age 18 to 26). Americans who would turn to financial professionals first with money questions are 86% more likely to own real estate than those who would turn to other sources of financial advice (or who don't know where they would turn). Even Americans earning less than $40,000 a year who would use financial professionals are 61% more likely to own real estate. 22% of Americans would ask friends, siblings, peers, parents, or older relatives first when they have a question about their finances. Of the 5% of Americans who would turn to social media first with questions about their finances, 47% are millennials. Americans who would turn to financial professionals first are more likely to view  life insurance mainly as a way to provide for dependents in the event of their death (87% vs. 73% of those who would turn elsewhere or don't know) and less likely to view it as mainly an investment (8% vs. 17%). "These findings highlight a stark divide between where each generation gets their financial advice. Some financial advisors can come with costs , but getting unbiased financial guidance from a trusted expert can be invaluable in helping you understand your finances, including complicated products like life insurance, and reach your goals," Patrick Hanzel, certified financial planner at Policygenius, said. "If you prefer to start with a method like social media, make sure you vet your sources to be mindful of any biases or scams." Policygenius commissioned YouGov to poll 4,063 Americans 18 or older. The survey was carried out online from Oct. 16 through Oct. 19, 2023. The results have been weighted to be representative of all U.S. adults. The average margin of error was +/- 2%. About Policygenius Policygenius , a Zinnia company, is a one-stop insurance platform that makes it easy to compare and buy policies, get unbiased expert advice, and manage an insurance portfolio in one seamless digital experience. Alongside the intuitive enterprise technology solutions and insights offered by parent company Zinnia, an Eldridge business, Policygenius is helping create better end-to-end insurance experiences for shoppers, advisors, and insurers alike — and enabling more people to protect their financial futures along the way. For more information: