Despite the rows of self-help books on display at bookstores, Americans tend to resist one particular type of advice: the financial variety. Despite all the evidence that we could use some pointers – exhibit A, our lack of emergency and retirement savings – a series of recently released surveys suggest that we resist professional tips for our money.
A study of 1,000 adults by TIAA-CREF released last month found that 65 percent of us say we are not interested in getting financial advice. Top reasons include not knowing who to trust, thinking good advice is too expensive and a lack of time to seek out the advice. That last one is particularly concerning, says Eric Jones, senior managing director of advisory solutions at TIAA-CREF. “If there is a decision that is brutally important, it’s understanding where you are for retirement. People spend more time planning their vacation than planning retirement,” he adds.