The number of consumers in the United States classified as financially unhealthy[1] increased to a four-month high in September, causing many to start seeking financial advice from an array of different sources—few of which are true financial professionals.
According to JD Power, 48% of consumers say they consult friends or family for financial advice or guidance. That’s a figure that dwarfs both the number of consumers who ask a financial advisor or planner (26%) or a bank or credit union representative (25%).
It’s not only friends and family that are getting a say in consumers finances. A surprisingly large number (21%) of consumers say they use social media for financial information, and 14% say they use artificial intelligence (AI) tools or chatbots. These numbers are even higher among consumers under the age of 40.
Financial Health Slides
Overall consumer financial health levels slid in September. The share of consumers who are either vulnerable, overextended or stressed, rose to 68%, up 4 percentage points from July. This marks the highest share of financially unhealthy consumers since May.
The percentage of consumers who say the price of goods is rising faster than their income held steady in September at 68%. Vulnerable (77%) and overextended (53%) consumers saw slight decreases.
Consumers Turn to New Sources of Financial Intel
When it comes to seeking financial advice, friends or family are the most frequently cited source of financial information by a wide margin with 48% of consumers saying they typically seek financial advice from this group. That’s nearly double the proportion of those who seek advice from a financial advisor or planner (26%) or a bank or credit union representative (25%). One-in-five (21%) consumers say they seek advice from social media, and 14% say they consult artificial intelligence (AI) tools or chatbots.
When consumers under 40 were asked where they derive their financial advice from, the findings were even more striking. Over half (55%) of consumers under 40 said they ask friends or family, and just 21% say they ask a financial advisor or planner. Consumers under 40 seek advice from a bank or credit union representative at roughly the same rate (26%) as those over 40 (25%), but social media and AI is where we observe a pronounced shift. One-third (34%) of consumers under 40 go to social media for financial advice compared to 12% of consumers over 40. Meanwhile, 21% of consumers under 40 use AI for financial advice, while just 10% of those over 40 do the same.
A Paradigm Shift
As consumers continue to grapple with their financial health, it’s clear that there is an emerging profile of customer within the younger demographic that banks need to understand and cater to. These younger consumers are open to taking financial advice from non-traditional sources, which could potentially weaken the connection between banks and their customers. At the same time, this shift presents a clear opportunity for banks to evolve and engage with these consumers in new and meaningful ways. Not only do banks need to earn trust within their existing clientele, they need to tailor a strategy to reach this new breed of consumer. By creating AI modeling tools or developing digital outreach strategies, banks can meet customers where they are seeking advice. Banks that can re-frame themselves in the eyes of consumers as a trusted source of great financial information, whether that’s from financial advisors, bank employees, or AI models, stand to gain significantly in both relevance and customer loyalty.
Find out More
This Banking and Payments Intelligence Report is based on responses from 4,000 consumers nationwide and was fielded in September 2025. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.
Media Contacts
Brian Jaklitsch; East Coast; 631-584-2200; [email protected]
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]
(1) JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.