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.
The 2024 Policygenius Financial Planning Survey also found
that:
- 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:
Brooke
Niemeyer
Director of Media Relations
brooke.niemeyer@policygenius.com
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SOURCE Policygenius