Americans are Turning to Social Media for Financial Advice

A survey released by NAPFA found that over one-third (34%) of Millennials and Generation Z Americans say that a lack of financial guidance is inhibiting to their ability to prepare for retirement. Millennials reported feeling the most unprepared when it comes to their futures (38%), with about 30% of Gen Z respondents feeling unprepared.

The survey results also show that more than one-third (39%) of Americans under 65 receive their financial advice online or from social media. Further, over one-fourth of Gen Z Americans receive their financial advice from social media. YouTube seems to be the most popular place for Gen Z (63%) and Millennials (71%) to discuss financial planning, while TikTok is gaining popularity with Gen Z (56%). More than 60% of the respondents who receive their information online say they have acted on that advice.

The survey was conducted online by Atomik Research among 2,006 adults ages 22 to 64 in the United States. The fieldwork took place between November 8 and 12, 2021.

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