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Nearly two-thirds of Americans avoid important financial decisions because they feel anxious or overwhelmed.
The problem is not that people do not care about their finances. It's that the landscape of financial information has become so noisy and so contradictory that many people would rather look away than make a choice they are not sure about.
We commissioned the 2026 MassMutual Financial Habits Report with PSB Insights, polling 1,500 Americans aged 25 and older, to understand how people are really making financial decisions today.
The picture that emerged should change how we think about the advice gap in this country.
By the numbers
- 74 percent say there is too much conflicting financial advice online.
- 35 percent have made an important financial decision influenced by social media — 36 percent of them regretted it.
- 83 percent believe you need a minimum level of investable assets to make a financial advisor worthwhile.
- 82 percent agree it is helpful to work with a financial advisor and 81 percent say today's complexity makes expert advice even more valuable — yet only 34 percent have sought advice from one in the past year.
Why is there so much conflicting financial advice online?
People are not short on information. They are drowning in it. And when everything sounds urgent but nothing sounds consistent, the natural response is to freeze.
Starting — or knowing where to start — is oftentimes the hardest step. The thought of financial planning may sound insurmountable, and when people feel that way, they tend to stand still.
Despite this overwhelm, the demand for expert guidance is clear. Eighty-one percent of Americans agree today's world is so complex that it makes expert financial advice even more valuable. People sense that they need help. The disconnect is in actually getting it — only 34 percent have sought advice from a traditional financial advisor or planner in the past year. (Related: 7 things financial planning does for you)
How does social media influence financial decisions?
Online research is not the enemy. Online research and conversations with family and friends play a real role. They open the door to new concepts, ideas, and perspectives you may not have thought about. They expand your mind to be curious and to formulate better questions.
But our data shows what happens when online content becomes the primary source of financial decision-making rather than a complement to professional expertise. More than one-third of Americans have made at least one important financial decision influenced by social media content. Among Millennials, that number climbs to 55 percent, with nearly one in five saying most of their important financial decisions are shaped by what they see online.
Here is the part that should give us all pause: among those who acted on social media financial content, 36 percent say they regretted at least one of those decisions.
More than half of social media users in our study believe that not very much — or none — of the financial advice they encounter on social media is trustworthy and accurate. People sense the problem. They just may not always have a better alternative in front of them.
How much money do you need to work with a financial advisor?
This is where one of the most persistent myths in financial planning shows up in the data.83 percent of Americans believe there is a minimum amount of investable assets required to make working with a financial advisor worthwhile. More than half think you need at least $50,000.
Let that sink in.
This is something I come back to again and again: conducting online research is an "and" – not an "or" – alongside the guidance of credible, credentialed experts when it comes to your finances. Online research does not replace professional expertise. It complements it.
You do not need a minimum balance to deserve a plan. Many people have an "all or nothing" mindset, when in fact, some level of professional guidance is oftentimes better than none at all. Breaking up the planning process into digestible, specific steps can help small accomplishments lead to a sense of satisfaction — and a desire to keep going and do more.
What should you look for in a financial advisor?
When Americans do seek out expert guidance, what they want is encouraging. Transparency about fees and conflicts of interest ranks as the most important factor in choosing a financial professional. People want someone who can explain the risks and benefits of a recommendation in plain terms, who has a strong track record, and who demonstrates a genuine understanding of their personal financial situation. (Related: 3 ways a financial professional adds value)
And credentials matter.
They also want technology that makes the relationship easier, not more complicated. Nearly nine in ten say it is important to have an online or app-based tool where they can communicate with their advisor and see their accounts in one place. For Millennials, that number is 95 percent.
At MassMutual, this is something we have invested in deliberately, figuring out how we can use technology to make financial professionals' lives easier. As an example, we integrated numerous separate parts of our investment platform, significantly reducing the time and effort required to open accounts — freeing up financial professionals to spend more time where it counts: in direct conversation with the people they serve. Financial professional satisfaction, and net new assets, have both trended markedly upward.
Technology should serve the relationship, not replace it. That is when it works best.
Why is financial planning important for life's uncertainties?
More than half of Americans — 53 percent — say they are behind on planning financially to protect against life's uncertainties. Only 34 percent feel prepared to manage a sudden inheritance or financial windfall. And 37 percent say nobody knows the details of their finances.
These are not abstract statistics. They represent real families who would be caught off guard by an unexpected event — people whose loved ones would struggle to manage finances or honor their wishes in a crisis.
Hit the issue head-on. Have the conversations. Work with someone you trust to create a plan designed to help you prepare for whatever happens in life — or the markets. Your ability to make choices and consider the trade-offs is critical to your satisfaction, and that ability starts with having a plan. Even if every detail does not come to pass, that is OK. Having a plan can help you and your family minimize worry and build toward what matters most.
The future of financial advice
The successful financial professional teams of the future will be multigenerational and diverse, equipped to serve entire families — likely not just one individual. They will use AI and digital tools to prepare and assist with client interactions. But the core of the profession will remain what it has always been: people trusting other people to help guide them through complexity.
If the data from our Financial Habits Report tells us anything, it is that the demand for credible, expert financial guidance has never been higher. People are researching, asking questions, and trying to make sense of a complicated landscape. The opportunity — and the responsibility — is to meet them where they are and show them what a real plan looks like.
Discover more from MassMutual ...
Preparing to meet your financial professional
Is your financial plan holistic? 6 questions you should ask
Finding and choosing a financial professional
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The 2026 MassMutual Financial Habits Report was conducted online by PSB Insights from January 5–9, 2026, among 1,500 Americans aged 25 and older. Data was weighted by gender, age, race/ethnicity, region, income, and education to be representative of the U.S. population 25+ based on U.S. Census Bureau American Community Survey 2023 data.
Securities and investment advisory services offered through qualified representatives of MML Investors Services, LLC. Member SIPC and a MassMutual subsidiary. 1295 State Street, Springfield, MA 01111-0001.
