Lacking Confidence in Your Financial Decisions? Where to Find Help


How much money should you have in your emergency fund? What percentage of your income should you be saving for retirement?

Financial questions like these can be high-stakes. And reaching the right decision on them can seem complex and difficult, in part because there’s just so much information out there.

If you feel daunted by making financial decisions like these, you’re not alone. Less than half (47%) of Americans feel confident in their ability to make good financial decisions, according to a recent NerdWallet survey conducted online by The Harris Poll in July.

Financial confidence grows with age and wealth

People’s confidence in their financial decision-making increases with their age, income and education.

Less than a third (30%) of Gen Zers (ages 18-27) say they are confident in their ability to make good financial decisions. Thirty-nine percent of Millennials (ages 28-43), 47% of Gen Xers (ages 44-59), and 62% of baby boomers (ages 60-78) say they are confident.

Just 38% of Americans with an annual household income of less than $50,000 reported feeling confident in their ability to make good financial decisions. That compares with 49% of those making $75,000-$99,999 and 55% of those making $100,000 and more.

It’s a similar story when it comes to education.

Thirty-seven percent of Americans with a high school diploma or less education reported feeling confident in their ability to make good financial decisions, while 45% of Americans who attended some college and 58% of Americans who graduated from college felt the same way.

Reliable information is key — and readily available

The first step in making smart financial decisions is knowing where to go to gather reliable information. And you likely already have access to many free or low-cost resources.

Financial institution: Consider starting with your bank or credit union. Many financial institutions offer online and in-person resources to help guide their customers to solid financial decisions. In addition to informational content related to the products they offer — such as checking accounts and certificates of deposit — employees on the other end of customer service phone numbers or in a local bank branch can provide answers to some of the more common and basic banking questions.

Employers: Many companies offer financial planning services to their employees — either through a financial planning service with which they partner or through the company that manages their retirement plan. If you’re uncertain whether your job offers this kind of perk, ask your human resources department.

Online brokerages: If you currently invest, there’s a good chance you can access educational materials and possibly even advisors through your brokerage. They can help with topics such as how to invest, how much to invest and how to help ensure you’re on track for retirement.

Nonprofit foundations or trade associations: Some financial advisors offer their services for free or at a reduced rate to people who might not otherwise be able to afford them. The Financial Planning Association is one example of a trade organization that offers pro bono financial planning services. Local community organizations and even public libraries may host financial education events, too.

This survey was conducted online within the United States by The Harris Poll on behalf of NerdWallet from July 11-15, 2024, among 2,096 U.S. adults ages 18 and older. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 2.5 percentage points using a 95% confidence level. For complete survey methodology, including weighting variables and subgroup sample sizes, please contact [email protected].

NerdWallet disclaims, expressly and impliedly, all warranties of any kind, including those of merchantability and fitness for a particular purpose or whether the article’s information is accurate, reliable or free of errors. Use or reliance on this information is at your own risk, and its completeness and accuracy are not guaranteed. The contents in this article should not be relied upon or associated with the future performance of NerdWallet or any of its affiliates or subsidiaries. Statements that are not historical facts are forward-looking statements that involve risks and uncertainties as indicated by words such as “believes,” “expects,” “estimates,” “may,” “will,” “should” or “anticipates” or similar expressions. These forward-looking statements may materially differ from NerdWallet’s presentation of information to analysts and its actual operational and financial results.



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