Family most sought out for financial help — not advisers

Americans are more likely to turn to family members and friends — rather than advisers — for financial advice, according to data from Sun Life Financial Inc.

Americans are more likely to turn to family members and friends — rather than advisers — for financial advice, according to data from Sun Life Financial Inc.
The Sun Life Financial Unretirement Index, which took a sample of 1,451 working adults, revealed that 43% of respondents said they receive financial advice from family members. Those below the age of 30 were especially likely to turn to family for help. Fully 64% of poll participants between the age of 18 and 29 said they go to their families for financial advice.
Friends were the second most popular source of financial advice among all respondents, with 39% of those surveyed saying that they seek out their comrades for help.
Financial advisers took third place, garnering 36% of the vote.
However, advisers were the most popular choice among the older participants in the poll. Forty-five percent of the participants between age 60 and 69 said that they get advice from financial advisers. Meanwhile, only 19% of the participants between 18 and 29 turned to advisers.
Advisers may want to seize the opportunity of addressing those younger clients, Wes Thompson, president of Sun Life Financial U.S., said in a statement.
The poll was conducted from Aug. 14 to Sept. 14.