Financial content and resources are more accessible than ever, yet 76% agree personalized financial guidance would help them feel more confident in their financial decisions.
As AI tools, social media, financial apps, and online communities reshape how Americans learn about planning and investing, new research1 from Voya Financial, Inc. (NYSE: VOYA) suggests that access to information alone may not be enough to help consumers feel confident in their financial decisions. Instead, many consumers report feeling uncertain about which advice to trust, how to apply it to their personal circumstances, and whether they are making the right financial decisions.
“We’re living in a time where financial information is abundant and accessible, which itself is a good thing,” said John Brett, president of Wealth Management, Voya Financial. “However, for many people, the challenge isn’t finding information – it’s determining what’s credible, what’s relevant to their circumstances, and what actions they should take. That’s where personalized guidance can make a meaningful difference.”
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Information is everywhere, but consumers still need help
Voya’s findings reveal a gap between information and confidence. While more than half of consumers report using digital sources for financial education and insights, many are unsure how to turn that information into action that can lead to more confident outcomes:
- 53% of Americans use digital tools, social media platforms, influencers, or online communities as sources of financial information.
- 70% agree finding financial information is easy, while 56% agree it is difficult to determine which financial information applies to their personal situation.
- 58% have encountered conflicting financial information from different sources.
- 54% agree they’ve delayed a financial decision because they were unsure which information to follow.
The findings suggest that access to information alone isn’t enough. Consumers are looking for guidance that can help them evaluate what they learn, navigate tradeoffs and make decisions with greater confidence.
Many consumers don’t realize financial guidance may be more accessible than they think
While consumers are seeking more confidence in their financial decisions, the research also suggests that perceptions about financial advice prevent some from getting the support they want.
Among Americans not currently working with a financial professional or advisor, 37% believe they do not have enough money, assets, or financial complexity to warrant working with a professional or advisor. This highlights a significant disconnect between demand for guidance and the perceptions about who can access it.
“Many people assume financial guidance is only for those with significant wealth or complex financial situations, but that’s often not the case,” Brett added. “Working with a financial professional can help provide clarity, confidence and a personalized path forward, regardless of where someone is on their financial journey. In a world full of information, having a trusted professional who can help you apply that information to your own goals can make all the difference.”
Turning interest into action
The research also highlights demand for guidance that helps consumers move from gathering information to making confident financial decisions. Voya found that:
- 70% would value support when evaluating and applying financial information they encounter online.
- 74% agree working with a financial professional would increase their confidence when making financial decisions.
- 42% wish they would have consulted a credentialed financial professional before making an important financial decision.
- 75% of employed Americans agree they would value access to a financial professional or advisor through their employer or workplace benefits provider.
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