Are people afraid of speaking to financial advisors?
Only five states currently have any graduation requirements regarding financial classes, which makes it not surprising that over 70% of the respondents to a 2015 poll felt that speaking to a financial advisor was scary. Nearly half felt that even talking to a financial advisor would cost them a significant amount of money. Most worrisome might be the 41% of respondents who felt that financial advisors would not be able assist them with their finances. Combine these factors with the social stigma against talking about money and it is reasonable to conclude that many people afraid to speak to a financial advisor.
For more on this important research, please see our new article coming Thursday.