More than 60% of Americans say they are better positioned to achieve their financial goals than older generations, with most turning to financial advisors for guidance, according to a new survey by Charles Schwab.
Schwab’s eighth annual Modern Wealth Survey found that Americans seeking financial advice are more likely to engage with a professional financial advisor (59%) or family or friends (57%) than social media platforms (42%). The survey reported that 76% of Americans don’t follow social media influencers for financial advice and are skeptical about social media’s effectiveness in helping them manage their money.
Respondents reported confidence with investing and cited increased access to investing, education and advice. But those surveyed acknowledge that there’s more they can do, with fewer than 18% saying they are on top of their finances. One-third (34%) feel they need to make changes in order to feel more in control.
Only 36% of respondents reported having a written financial plan. Among those who do, three in four say it makes them feel more in control of their finances and 96% say they feel confident that they will reach their financial goals. Most of those who don’t have a plan (43%) say it’s because they don’t have enough money, while others say it’s too complicated (25%) or they don’t have enough time (21%).
