This Day On The Street
Continue to site
ADVERTISEMENT
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

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

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,568.53 -127.94 -0.73%
S&P 500 2,079.65 -12.01 -0.58%
NASDAQ 5,088.63 -48.8540 -0.96%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs