Nearly one-third of Americans who have a financially knowledgeable friend regularly turn to that person for money-related guidance, according to a new survey commissioned by TaxSlayer Pro and conducted by Talker Research.
The study, which surveyed 2,000 U.S. taxpayers, found that respondents estimate following financial advice from trusted friends saves them nearly $500 annually on average.
The findings highlight the role personal relationships play in financial decision-making, particularly as consumers navigate questions involving investments, savings, credit cards and tax preparation.
The reported savings are based on participants’ estimates rather than independently verified financial outcomes.
Tax Preparation Among the Most Common Topics
Tax filing emerged as a leading subject of financial advice exchanged between friends.
Among respondents who identified themselves as the financially knowledgeable person in their social circle, 31% reported advising others on how to file taxes.
Other frequently discussed subjects included investing, cited by 30% of respondents, savings accounts and credit cards at 29% each, and investment choices at 28%.
The results suggest that financial guidance within personal networks extends beyond everyday budgeting to decisions that may involve more complex financial considerations.
However, the survey does not establish whether the advice provided was accurate or appropriate for each recipient’s circumstances.
Financial Knowledge Extends Into Tax Preparation
The survey also examined how informal financial knowledge translates into practical assistance.
Among respondents who expressed confidence in their ability to file taxes, half said they had already helped friends or family members prepare tax returns.
Additionally, 42% of respondents who described themselves as financial experts within their social circles said they would consider pursuing tax preparation professionally.
These findings point to a potential relationship between informal financial assistance and interest in professional tax services, although the survey does not measure how many respondents ultimately pursue that career.
Trust Plays a Role in Financial Decisions
The findings indicate that Americans frequently rely on people they know when seeking explanations of financial matters.
Personal recommendations may be particularly appealing when consumers face unfamiliar terminology, complex procedures or decisions involving substantial financial consequences.
Richard Marshall, Director of Sales at TaxSlayer Pro, said the results reflect the importance of trusted guidance in helping people understand their financial circumstances.
The survey also provides insight into the distinction between financial confidence and professional qualifications.
While knowledgeable friends may help explain financial concepts or share personal experiences, tax filing and investment decisions can involve legal requirements, individual financial circumstances and risks that informal advice may not fully address.
Survey Methodology and Limitations
Talker Research conducted the online survey between July 16 and July 23, 2026, on behalf of TaxSlayer.
The study included 2,000 U.S. taxpayers with internet access.
Because the findings are based on self-reported responses, they reflect participants’ perceptions and experiences rather than independently measured financial outcomes.
The survey was commissioned by TaxSlayer Pro, a company that provides tax preparation software to professional preparers. Its commercial interest in the tax preparation market is relevant when interpreting the findings, particularly those concerning potential career opportunities in the industry.
