CORRECTING and REPLACING: Bad Online Advice Leads Majority of Americans to Make Regrettable Financial Decisions, CFP Board Survey Reveals

Business Wire

a day ago

WASHINGTON--(BUSINESS WIRE)--The links to the report in the first and eleventh paragraphs were updated.
The updated release reads:
BAD ONLINE ADVICE LEADS MAJORITY OF AMERICANS TO MAKE REGRETTABLE FINANCIAL DECISIONS, CFP BOARD SURVEY REVEALS
Only 2 in 5 Americans Believe Online Financial Information Is 'in Their Best Interests'
Misinformation about money is everywhere online, and Americans are paying the price for it. CFP Board's latest research report, Steering Clear of Financial Misinformation: A Survey of Americans, finds that while more people are turning to the internet for financial advice, most doubt its credibility. As a result, nearly 3 in 5 (57%) say they've made regrettable financial decisions based on misleading online information.
Even with the vast availability of financial content online, fewer than 2 in 5 Americans (39%) believe this information serves their best interests. Further, more than 3 in 5 (62%) now spend more time verifying information than they did five years ago.
'Americans are drowning in online money advice, much of it misleading,' said CFP Board CEO Kevin R. Keller, CAE. 'That gap between easy access and reliability puts financial futures at risk. CFP® professionals offer a trusted alternative: personalized guidance backed by rigorous training, high ethical standards and a commitment to put their clients' best interests first.'
Misinformation Comes With a Cost
Financial misinformation doesn't just confuse; it costs people money. Nearly 2 in 5 Americans (39%) have lost $250 or more due to bad advice, and almost 1 in 5 (18%) have suffered losses over $1,000.
While some have narrowly avoided these pitfalls — 1 in 5 reconsidered questionable advice before acting — many face lasting effects. Among those with regrets, common consequences include delaying major financial decisions (33%), acting without professional input (29%), incurring unnecessary fees (28%) and sharing inaccurate information with others (28%). One in five (21%) report increased financial anxiety.
Younger Americans Are More Vulnerable to Digital Misinformation
The research reveals a stark generational divide in both trust and consequences. Nearly half of Americans aged 25-45 (48%) believe online financial content serves their best interests, almost double the rate of those aged 46-64 (25%). Younger adults are also more likely to act on misleading information, with 64% reporting regrettable decisions, compared to 45% of those aged 46-54.
Only 33% of younger Americans say they have entirely avoided mistakes from online financial advice, compared to 54% of older adults. The generational gap extends to sources of financial guidance as well. Younger respondents are nearly twice as likely to trust financial advice from AI (44% vs. 26%) and guidance found on social media (44% vs. 24%).
'Many Americans mistake popularity for credibility when turning to social media and AI for financial advice,' said Kevin Roth, Ph.D., Managing Director of Research at CFP Board. 'That misplaced trust can lead to costly mistakes. Working with a CFP® professional helps avoid those pitfalls and build confidence in financial decisions.'
CFP ® Professionals Offer a Clear Path Forward
Amid growing digital misinformation, most Americans trust financial advisors like CFP® professionals. In fact, three in four Americans (74%) say they feel confident following their financial advisor's advice without needing further verification. Backed by strict competency and ethical standards, CFP® professionals provide reliable guidance to help individuals achieve their financial goals.
To find a CFP® professional who can help you navigate the complex financial information landscape, visit LetsMakeAPlan.org.
Read the full Steering Clear of Financial Misinformation: A Survey of Americans report.
METHODOLOGY
On April 7-8, 2025, CFP Board's Research team sent a 13-question survey to randomly selected Americans aged 25 and 64 nationwide, as sourced by Alchemer. The panel helps ensure that the data collected reflects a reliable demographic and geographic representation of the U.S. population. The survey generated 1,044 responses, the data from which serves as the basis of this report and is subject to a sampling error of +/- 3.0% at the 95% confidence interval.
ABOUT CFP BOARD
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public's benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER® certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by more than 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession's body of knowledge.