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Only 14% or fewer respondents actually sought out the advice of a financial professional of any kind.
Financial experts explained why relying on your friends and family forfinancial advice is not a great idea.
Personal finance isnt a one size fits all subject, Gammon said.
Tax laws and financial strategies change.
Something that worked 10-plus years ago might not apply anymore and could be harmful.
He gave the example of old advice that buying a home is always better than renting.
This isnt always the case with rising home prices and higher interest rates.
Relationship Strain
There is also the risk of a relationship strain, Gammon warned.
Instead, he urged, interviewcertified financial planners or accountantsfor financial and tax guidance.
You might also explore employer-provided resources, but be sure to evaluate them carefully.
Financial professionals, particularly CFPs, undergo rigorous training and are required to maintain continuing education, she explained.
This brings an additional layer of protection thatfriends and familysimply cannot provide.
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