Friends and family can be a valuable sounding board for financial decisions, but they may not be objective.Across income levels, about half of millennials surveyed by Business Insider and Insider Intelligence said they turn to friends and family for financial advice.Friends and family can be helpful, but when it comes to complicated matters like investing, it might be best to get a professional opinion.It's hard to talk about money.
It's good that millennials are so willing to be open about money. In fact, increasing pay transparency is one action we can take to begin to close gender and racial pay gaps. But there's a difference between sharing information and asking explicitly for advice. The "Invest & Thrive Survey" findings suggest many millennials recognize their friends and family might not be the best counsel.
Among respondents who said they seek financial advice — a total of 1,628 — only 29% said friends, family members, or a significant other was the most trustworthy source. An equal share said their bank or credit union's financial adviser was most trustworthy, even though only about a quarter of total respondents use them. Just 10% of respondents saidwas most trustworthy, despite 38% of total respondents saying they searched for it.
Financial advice can be tricky when it's coming from someone who has an emotional stake in your life. Parents, siblings, friends, and even spouses may think they know what's best for you. Plus, their advice can easily be colored by their own experiences.
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