Americans Favor Financial Guidance Over Career And Love Discussions
While 75% of Americans proudly identify themselves as helpful individuals, a more modest 55% admit to seeking help themselves, especially in financial awareness, as revealed in a recent survey involving 2,000 participants. The data highlights a notable disparity, with 30% expressing a preference for tackling problems independently, while only 22% lean towards seeking assistance. This is similar to the saying “You can’t help someone else until you can help yourself”; while it is important to be willing to help, it is also important to be willing to seek help when needed.
When financial struggles come into play, the hesitation to ask for help intensifies. 36% admitted they would find it more challenging, a trend more prevalent among women (30%) compared to men (24%). Strikingly, the survey unveils that the average respondent would encounter greater difficulty borrowing a substantial sum from a loved one (47%) than delivering a public speech (46%). Unfortunately, borrowing a large amount of money from family and friends is not an ideal situation for me either.
In a similar vein, asking a stranger for money proves to be a tougher task (37%) than requesting directions (26%) according to those surveyed. Fortunately, I have never had to ask a stranger for money. I could not even imagine what such an encounter would look like if I took the initiative.
The findings illuminate the complex dynamics of seeking assistance, showcasing that while many Americans see themselves as great helpers, the act of asking for help, particularly in financial matters, remains a challenge.
Financial Confidence And Seeking Assistance
In a survey conducted by OnePoll on behalf of AmeriLife in honor of National Financial Freedom Day (July 1), 69% of respondents expressed confidence in possessing an above-average understanding of financial matters, attributing their knowledge primarily to their parents (43%), spouses (39%), and friends (37%). I can attest to this!
While half of the participants (48%) considered finances as “straightforward,” others described them as “confusing” (27%) or even “nerve-wracking” (34%). When contemplating the choice of a professional advisor to transform their lives, a significant one-third (32%) indicated a preference for a financial advisor, surpassing options like career development (26%) and dating advice (11%).
Money is the driving force behind the global economy. The ins and outs of finance and how money works will make your life much harder if you do not possess some knowledge of it.
Financial Advice Over Cash
On another note, when it comes to seeking financial support from a buddy, 26% of participants would prefer getting schooled on money matters rather than receiving some cold, hard cash (23%). Interestingly, if push comes to financial shove, 41% would turn to their spouse for help – it seems like love and financial advice go hand in hand. Surprisingly, consulting the parental advisory board (32%) is on par with seeking wisdom from a professional financial guru (32%). It’s a mixed bag of financial confidants!
“There are a lot of tough questions we face in life, and oftentimes, many of them revolve around managing and protecting our finances,” said Dean Zayed, founder and CEO of Brookstone Capital Management, an AmeriLife company. “While for some this may feel out of reach, it’s heartening to know that there is a strong desire by most Americans to become more knowledgeable, take back control of their financial wellbeing, and secure their financial legacies.”
Embracing Monetary Goals: A Pathway With Assistance And Strategies
Out of those riding the wave of financial freedom (43% of the crew), about 59% are eyeing passive income gigs, and 58% are all about keeping the freedom alive through smart investments.
Moreover, for the 36% still navigating the financial highway, monthly bills, and financial commitments (like the Avengers but less exciting, at 51%) are the prime foes. Not making the big bucks (48%) and being on a first-name basis with debt (at 38%) also make the list of their biggest hurdles.
There are people who are leveling up with passive income, while others are still dealing with boss-level debts and bills. But keep on hustling guys, don’t give up!
“These results reinforce the incredibly important need to seek help and advice from a financial professional and the value that one can bring to their clients,” said Mike Vietri, Chief Distribution Officer of Wealth Distribution for AmeriLife. “Financial freedom is within reach, and I believe that with the right support from a trusted advisor, Americans can work to achieve their financial goals.”
Survey Methodology
This random double-opt-in survey of 2,000 U.S. adults was commissioned by AmeriLife between June 8 and June 12, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).
