In CFP® Professionals We Trust: Combating Financial Misinformation in the Digital Age
New research from CFP Board examines the impact of online financial misinformation on consumer choices. While financial information is more accessible than ever before, consumers face the challenge of wading through potentially misleading content online. The cost of financial misinformation can be high, putting Americans’ financial well-being at risk.
According to Steering Clear of Financial Misinformation: A Survey of Americans, 3 in 5 Americans regret a decision they made because of inaccurate or misleading information. The survey, which polled more than 1,000 adults aged 25 to 64 with household incomes above $50,000 in April 2025, reveals a troubling disconnect between the accessibility of financial advice and its reliability.
Among survey respondents, 80% question the accuracy of online financial information at least once a month. This skepticism is well-founded as CFP Board’s survey reports that misinformation about investment returns, outdated AI-generated advice and misleading Social Security strategies are among the most commonly encountered issues.
“Americans have seemingly unlimited access to financial information, but making sense of it all can be a daunting task,” said Sebastian Belloni, Manager of Research & Analysis at CFP Board. “A CFP® professional’s trusted expertise can help ease that burden by providing much-needed confidence and reassurance. It just might be the difference between a costly decision and financial security.”
Despite concerns, 2 in 5 Americans seek financial advice from social media platforms such as Facebook, Instagram, YouTube or TikTok, while 30% rely on financial podcasts. Additionally, 17% of respondents reported using a generative AI tool, such as ChatGPT, to answer financial questions. By comparison, the top two commonly used information resources are friends and family (55%) and financial websites (such as Investopedia and NerdWallet, 45%).
Younger Americans (ages 25-45) are especially likely to turn to social media, podcasts and AI tools for financial advice. However, this group is also more likely to regret decisions made based on misinformation, with 64% reporting such regrets compared to 45% of those aged 46-64.
While digital sources are popular, they are not necessarily trusted. The survey found that Americans are most confident in advice from financial advisors, especially CFP® professionals. Three in four respondents say they would act on a financial advisor’s guidance without needing to verify it elsewhere.
By contrast, only 38% feel comfortable acting on advice from generative AI tools, and just 37% trust financial advice from social media. This trust gap underscores the value of credentialed advisors, such as CFP® professionals, in an age of information overload.
The Cost of Financial Misinformation
The consequences of bad financial advice are more than just theoretical. One in three Americans say they have delayed a major financial decision (e.g., home purchase, retirement) because of financial misinformation they encountered online. Others report paying unnecessary fees, making rash decisions or purchasing financial products that ultimately didn’t suit their needs.
Fortunately, most Americans are not blindly following online advice. Ninety-three percent say they verify financial information before acting on it, either through personal research, discussions with friends or family, or consulting a financial advisor, such as a CFP® professional. In fact, 62% of respondents reported spending more time verifying financial information now than they did five years ago. This “trust, but verify” mindset reflects a growing awareness of the risks of digital misinformation and a desire to make more informed decisions.
As the financial advice landscape becomes more complex, the role of trusted professionals is more important than ever. CFP® professionals are uniquely positioned to help consumers navigate this environment. CFP Board’s report makes it clear: While the internet offers unprecedented access to financial information, it also demands greater discernment. For Americans seeking clarity and confidence in their financial decisions, turning to a qualified advisor may be the smartest move of all.