Survey: Americans Rely on Friends Over Advisors for Money Help

When Americans have financial questions — including how to handle their taxes — many are skipping professional advisors and internet searches in favor of a more familiar resource: their friends. A survey commissioned by TaxSlayer Pro and conducted by Talker Research found that nearly one-third of U.S. adults lean on personal connections before seeking formal guidance.

The findings point to a broader trust gap between everyday consumers and the financial services industry. Rather than consulting certified advisors or verified online resources, a significant share of respondents said peer relationships serve as their primary financial sounding board, even for tasks as consequential as tax preparation.

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The reliance on informal networks carries both advantages and risks. Friends may offer relatable, experience-based perspectives, but they are unlikely to carry the credentials, liability, or current regulatory knowledge that licensed professionals bring to complex financial decisions. Tax law, in particular, changes frequently enough that even well-intentioned advice from a knowledgeable friend can prove outdated or inapplicable to an individual's specific situation.

The survey underscores a persistent challenge for the financial advisory and tax-preparation industries: converting public trust into professional engagement. Accessibility and cost are often cited as barriers to using certified planners or paid tax services, suggesting that companies and policymakers may need to address affordability and outreach if they hope to shift behavior away from informal advice networks.

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