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Americans Struggle To Ask For Financial Help Despite Believing In Their Helping Abilities

Survey reveals reluctance to seek assistance in financial matters, with borrowing from loved ones seen as more challenging than public speaking.

Three out of four Americans (75%) think they’re great helpers, but only two of four (55%) say they’re good at asking for help themselves – particularly when it comes to their financial awareness.

That’s according to a recent survey of 2,000 respondents, which found that, in general, 30% prefer to solve problems on their own, while only 22% prefer to ask for help.

A woman calculating her finances in her laptop. Women have a hard time asking for help than men do when it comes to finances. TIMA MIROSHNICHENKO/SWNS RESEARCH

If struggling financially, 36% would have a harder time asking for help if they were struggling financially, including more women than men (30% vs 24%).

In fact, results indicate that the average respondent would have a harder time borrowing a large amount of money from a loved one (47%) than they would giving a public speech (46%).

Similarly, those polled would have a harder time asking a stranger for money (37%) than for directions (26%).

Conducted by OnePoll on behalf of Amerilife for National Financial Freedom Day (July 1), the survey found that 69% believe they have above-average knowledge of financial awareness, which primarily came from their parents (43%), spouse (39%) and friends (37%).

In a poll conducted by OnePoll, Americans believe they’re great helpers and one in three surveyed prefer to do it alone. ONEPOLL/SWNS RESEARCH

Although half (48%) would use the term “straightforward” to describe the concept of finances, others called them “confusing” (27%) and “nerve-wracking” (34%).

When asked what kind of professional advisor they’d want to help them change their life; one in three (32%) said they’d want a financial advisor, making it the most popular selection – more so than career development (26%) or dating advice (11%).

Meanwhile, if asking a friend for financial help, respondents would rather be taught about finances (26%) than be given money (23%). They’d also be more likely to go to their spouse for financial help over anybody else in their life (41%) and just as likely to consult their parents (32%) as they would a professional financial advisor (32%).

“There are a lot of tough questions we face in life, and oftentimes, many of them revolve around managing and protecting our finances,” said Dean Zayed, founder and CEO of Brookstone Capital Management, an AmeriLife company. “While for some this may feel out of reach, it’s heartening to know that there is a strong desire by most Americans to become more knowledgeable, take back control of their financial wellbeing, and secure their financial legacies.”

Of the 43% who consider themselves to be financially free, 59% intend to seek out passive income opportunities and 58% plan to maintain their freedom with investment-making.

The 36% who don’t yet have financial freedom cited monthly bills and financial obligations (51%), not making enough money (48%), or having too much debt (38%) as being their biggest barriers.

“These results reinforce the incredibly important need to seek help and advice from a financial professional and the value that one can bring to their clients,” said Mike Vietri, Chief Distribution Officer of Wealth Distribution for AmeriLife. “Financial freedom is within reach, and I believe that with the right support from a trusted advisor, Americans can work to achieve their financial goals.” 

Produced in association with SWNS Research

Edited by Jessi Rexroad Shull and Alberto Arellano

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