Less than half of financial advice is considered helpful by those who receive it [Survey]

Key Takeaways

  • “Never dine out” is the most toxic piece of financial advice, followed by “credit cards are bad” and “renting a home is a waste of money” in second and third place, respectively.
  • “Save a percentage of every paycheck” is the most helpful piece of financial advice, followed by “diversify your investments” and “save for retirement while you’re young” in second and third place, respectively.
  • Financially healthy people were three times less likely than average to consider some of the financial advice they’d received as toxic.

Financial advice is often given freely by well-meaning friends and family. Though well-intended, much of this advice may not always be helpful.

With so many financial strategies floating around, some might not fit your specific objectives. Other times, money management tips can be downright toxic to your financial health.

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