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Most Americans are probably familiar with the names of top money experts like Dave Ramsey, Suze Orman and Warren Buffett. These influential personal finance figures have spent years providing money management tips to Americans on topics ranging from investing to saving for retirement.
While many individuals actively seek out and follow their advice, it might surprise you to learn 50% of Americans don’t turn to money experts for financial insight. Why wouldn’t more Americans turn to these experts — and where should they get their personal finance advice? Let’s find out.
The (Surprising) Generations Not Taking Money Advice From Experts
In March 2024, GOBankingRates polled 1,008 American adults in a survey addressing financial literacy. When asked which financial expert they trust to teach them the basics of money, 50% of respondents said they didn’t follow experts like Ramsey, Orman or Buffett.
When breaking down it down, we found that the largest age range that declined to follow financial advice from famous experts is Americans ages 55 to 64 at 57%. The second largest group, at 55%, is Americans between ages 18 to 24. Trailing closely in third place (52%) is Americans ages 25 to 34.
While it makes some sense that baby boomers approaching retirement would be less likely to look to influential names for money advice, it’s interesting to see such high percentages among younger generations like Gen Z and millennials.
The Real Reasons Why Americans Don’t Follow Top Money Experts
As it turns out, there’s a twofold reason why half of Americans don’t follow famous experts for their money advice. The first reason ties in with the “personal” aspect of personal finance.
Much of the financial advice shared by Ramsey, Orman and Buffett is generalized for the masses. A money move that may work for some Americans, like paying off debt or opening a Roth IRA, doesn’t work in the same way for others who already paid off any debt or opened this account.
This is because every American has their own unique financial situation. They need to take into consideration their own specific metrics, like their age and physical location among others, and work alongside a professional to create a financial strategy that best suits their needs.
The second reason is most Americans can’t actually follow an expert’s advice.According to Kevin Guarino, partner and wealth manager at Clover Leaf Financial, industry professionals have to follow strict rules governed by FINRA and the SEC.
Because what financial experts say is not tailored specifically to each and every person in their respective audiences, there are limits on what they can say to the public.
Where Should You Seek Financial Advice?
If it’s not possible, or advisable, to really follow a famous expert, where should Americans get their financial advice? The answer is to work alongside a trusted, carefully vetted resource.
Jackie Fontana, portfolio manager at FBB Capital Partners, recommends Americans starting from scratch by checking out organizations like NAPFA or CFP to see which financial advisors and/or fiduciaries are near you.
“These organizations will have listings of fee-only advisors, who are compensated for the advice they give, rather than the products they sell,” said Fontana. “This is an important distinction, as you want to make sure the person on the other side of the desk has your best interests in mind.”
Once you find a trustworthy individual, Guarino recommends visiting BrokerCheck to ensure the broker, investment advisor or financial advisor you want to work with is an investment advisor representative, or IAR.
“This requires them to be fiduciary by law and will allow them to sit on the same side of the table as you against the finance world,” said Guarino, adding that this is “by far the best way to get any financial results you are looking for.”
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