Americans Favor Friends Over Professionals for Financial Guidance and Tax Prep

Americans Turn to Friends for Financial Guidance

In an age where financial decisions can be overwhelming, a recent survey commissioned by TaxSlayer Pro has uncovered an interesting trend among American consumers. The survey, conducted by Talker Research, indicates that instead of consulting professional financial advisors or scouring the internet for advice, many Americans are opting to seek counsel from their friends.

According to the survey, nearly one in three Americans rely consistently on a financially savvy friend for money-related queries. Respondents estimate that this friendly advice helps them save approximately $500 annually, significantly impacting their financial well-being.

The study surveyed 2,000 taxpayers across the United States and highlighted the increasingly valuable role that trusted confidants play in guiding financial decisions. From tax preparation and investments to navigating savings accounts, people often turn to their personal networks for practical financial advice. Richard Marshall, the Director of Sales at TaxSlayer Pro, commented on the phenomenon, stating that “Financial matters can get confusing very quickly, so it makes sense that people turn to someone they trust. That’s what tax professionals do every day — help individuals make informed financial decisions.”

Financial Friend Phenomenon

The survey further illustrates the phenomenon of the so-called “financial friend.” Among those surveyed, individuals who consider themselves as the financial experts in their social circles report assisting others with a range of financial tasks, including tax filing, investment decisions, and credit card management. Tax preparation, in particular, emerged as the leading topic of advice exchanged among friends, with 31% of respondents identifying tax-related guidance as a frequent area where they assist others.

Following tax guidance, advice on investing (30%), savings accounts (29%), and credit card usage (29%) were also commonly cited. This trend indicates that many financially knowledgeable Americans extend their expertise beyond casual chats, finding fulfillment in aiding friends and family with financial matters.

The Profession of Financial Guidance

Interestingly, the survey revealed that among those confident in their own tax-filing abilities, half have already helped friends or family navigate their tax returns. Furthermore, 42% of self-identified financial gurus expressed an interest in possibly pursuing tax preparation as a career. Marshall reiterated the importance of trustworthy financial advice in complex economic times, emphasizing that “As financial questions become more complex, Americans continue to seek trusted expertise.” This suggests a growing recognition of the value of informed, personal advice when it comes to financial decisions.

Methodological Insights

The methodology behind the survey was significant, as it surveyed 2,000 internet-connected American taxpayers between July 16 and July 23, 2026. The findings captured a snapshot of financial interactions within personal networks, shedding light on the reliance on friend-led financial guidance.

About TaxSlayer Pro

TaxSlayer Pro has earned the trust of over 20,000 professional tax preparers across the country. Since its inception in 1989, the company has aimed to simplify the tax filing process for millions of Americans through user-friendly technology. As an authorized IRS e-file provider, TaxSlayer Pro ensures that clients experience minimal wait times for support in both English and Spanish, highlighting its dedication to serving the tax preparers’ community effectively.

As financial matters continue to evolve, this study suggests that the connections we make with friends can have a significant influence on our financial decisions, proving that sometimes, the best advice can come from those closest to us.

For more information about TaxSlayer, visit taxslayerpro.com.