Study Finds Americans Turn to Friends for Financial Guidance, Including Tax Prep

Staff Report From Georgia CEO

Friday, October 16th, 2026

When Americans have questions about money, many aren't turning first to financial advisors or internet searches. They're turning to friends.

A new survey commissioned by TaxSlayer Pro and conducted by Talker Research found that nearly one-third of Americans who have a financially savvy friend consult that person all the time for guidance on money-related topics. Respondents estimate that following advice from these trusted friends saves them an average of nearly $500 each year.

The survey of 2,000 U.S. taxpayers highlights the value Americans place on financial expertise, and the important role trusted advisors play in helping people make decisions about their money. From investing and credit cards to tax preparation, respondents reported regularly seeking practical guidance from people they know and trust.

"Financial matters can get confusing fast, so it makes sense that people turn to someone they trust," said Richard Marshall, Director of Sales at TaxSlayer Pro. "That's really what tax pros do every day — help people understand and make informed decisions about their situation."

That same need for trusted guidance shows up in people's personal circles, too. Tax-related guidance ranks among the most common types of financial advice shared between friends. Among respondents who identify as the financial expert in their friend group, 31% have advised others on how to file taxes, making it the most common topic cited in the survey. Respondents also reported giving advice about investing (30%), savings accounts (29%), credit cards (29%), and investment choices (28%).

The survey suggests that many financially knowledgeable Americans may be providing advice that extends well beyond casual conversations. Among respondents who are confident in their tax-filing abilities, half have already helped friends or family prepare tax returns. Additionally, 42% of self-described financial gurus said they would consider making tax preparation their profession.

"As financial questions become increasingly complex, Americans continue to seek trusted expertise," Marshall added. "For those who already enjoy helping friends and family with financial matters, tax preparation can be a meaningful way to turn that knowledge into a profession."