This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Americans Worry About Finances But Reject Financial Advice

While nearly half of Americans report feeling anxious about their financial future, many are apparently not concerned enough to implement the finance advice they receive. Only a third consistently take action after receiving financial advice, according to a new survey conducted on behalf of financial services provider TIAA-CREF.

In addition to looking at overall compliance with financial advice, the survey considered differences that exist among various demographic groups when it comes to seeking out and using this advice.

Gen Y most likely to look for guidance

According to the survey, younger consumers are most likely to seek out financial advice. Of those between the ages of 18-34, often referred to as Generation Y, approximately 40 percent say they look for financial advice at least a couple times a month. In addition, these individuals were most likely to go online, with 60 percent saying they are likely to use Internet tools to implement changes based upon the advice received.

While young consumers may be more likely to seek advice, Baby Boomers between the ages of 55-64 report having difficulty finding financial advice, and only one in three say they use the advice they receive on a consistent basis.

Between genders, women appear to have greater difficulty finding financial advice than men. Half of the women surveyed believe personalized advice costs more than they can afford, and one in three say they don't have time to do research. However, once women receive advice, 90 percent put it into action at least some of the time.

Personalized advice makes a difference

A representative from TIAA-CREF says personalized financial advice tends to be more likely to be implemented.

"We've seen personalized objective advice help drive positive outcomes for our participants," said James Nichols, managing director of advice and planning services for TIAA-CREF, in a written statement.

1 of 2

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,053.71 +23.50 0.13%
S&P 500 2,088.77 +6.89 0.33%
NASDAQ 4,806.8590 +33.3870 0.70%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs