Survey: Americans Lean on Friends for Financial and Tax Advice
A new TaxSlayer Pro survey finds nearly one-third of Americans seek financial guidance from friends before consulting professionals or online resources.
When Americans face financial questions, many bypass professional advisors and internet searches in favor of trusted friends, according to a new survey commissioned by TaxSlayer Pro and conducted by Talker Research. The findings, released in Augusta, Georgia, reveal that nearly one-third of respondents rely on personal connections as a first stop for money guidance — including advice on tax preparation.
The trend underscores a persistent trust gap between everyday consumers and the formal financial services industry. Despite the proliferation of online tools, robo-advisors, and tax software, personal familiarity and social trust appear to carry significant weight when individuals make decisions about their finances and filing obligations.
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For the tax preparation sector, the implications are notable. Word-of-mouth recommendations and peer influence may shape which products and services consumers ultimately choose, suggesting that professional tax preparers and financial platforms compete not only with one another but also with informal advice networks that operate largely outside their reach.
The survey highlights a broader dynamic in American financial behavior: accessibility and comfort often outweigh credentials when people seek guidance. Financial literacy advocates have long warned that well-intentioned but uninformed peer advice can lead to costly errors, particularly around complex tax situations, investment decisions, and retirement planning.
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