Survey: Americans Lean on Friends Over Advisors for Money Help
A new TaxSlayer Pro survey finds nearly one-third of Americans consult friends first for financial guidance, including tax preparation questions.
When Americans face financial questions, many bypass professional advisors and online searches in favor of a more familiar resource: friends. A survey commissioned by TaxSlayer Pro and conducted by Talker Research found that nearly one-third of Americans turn to people in their personal networks before seeking formal guidance on money matters.
The findings suggest a persistent trust gap between everyday consumers and the financial services industry. Rather than consulting certified advisors or even reputable digital sources, a significant share of the population relies on peer knowledge — a trend that extends even to complex tasks such as tax preparation, where errors can carry legal and financial consequences.
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The survey underscores a broader challenge for the financial advisory and tax services sectors: reaching consumers who may not recognize the limits of informal guidance. While friends and family can offer relatable perspectives, they typically lack the credentials or up-to-date regulatory knowledge that professionals bring to tax and investment questions.
For companies like TaxSlayer Pro, which serves tax professionals, the data points to an opportunity to position credentialed preparers as accessible alternatives to the friend-next-door. Closing that trust gap may require the industry to emphasize affordability, approachability, and transparency rather than technical expertise alone.
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