Beyond Friends and Family: Choosing the Right Source for Financial Guidance

Financial meeting

In today’s digital age, seeking financial advice can seem easier than ever, with friends, family, banks and social media readily available. However, it’s important to consider the source when it comes to making financial decisions. A recent survey by WealthRocket revealed that almost half of Canadian adults sought financial advice in the past year, with many turning to family, friends, banks or social media for guidance.

While seeking advice from loved ones might seem like a natural starting point, it may not be the best option.  Friends and family may not have a background in financial planning, and misunderstandings and biased information can lead to poor choices.

Even consulting with a bank may not provide the personalized experience one would hope for. Many bank advisors are sales-focused, aiming to upsell products and services rather than providing unbiased advice. This often leaves clients feeling less satisfied, according to a recent J.D. Power study.

Not surprisingly, social media has become a popular platform for seeking financial guidance, despite 26 per cent of respondents finding it untrustworthy. While there might be good advice available online, it requires a critical eye to distinguish between credible and questionable sources.

Instead, experts say to consider turning to professional financial experts for reliable and tailored guidance. Seeking advice from experts who have undergone extensive training, such as accredited credit counsellors, can provide peace of mind and a clear path to financial success.

According to the survey, the top reasons for seeking advice included increased cost of living/inflation, help with investing, rising interest rates, getting out of debt, and feeling overwhelmed by finances. If you find yourself facing financial pressure and anxiety, recognizing the need for professional help is a vital first step toward addressing and resolving these challenges.

At SolveYourDebts.com, we are dedicated to helping individuals and families achieve financial wellness. With over 25 years of experience, our not-for-profit organization offers expert credit counselling, budget mentoring, and tailored financial education programs. Take control of your finances and ensure a prosperous future by consulting with our team of dedicated professionals. Together, we can create a roadmap to financial freedom and empower you to make informed decisions. Contact us today for a free consultation.

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