6 in 10 Americans struggle with financial decisions

Only 40% of Americans are extremely or very confident in their ability to make and execute financial decisions, according to a Corebridge Financial survey. However, those with greater financial skills are more confident decision makers, less financially stressed and have more saved for retirement.

Why the struggle?

Why do so many Americans struggle to make and act on financial decisions? “Our research shows this challenge is widespread,” said John Picone, executive vice president and head of retirement and wealth distribution for retirement services at Corebridge. “Just 4 in 10 have a high level of confidence in their ability to process financial information well enough to make decisions. In turn, just 4 in 10 have a high degree of confidence in their ability to execute financial decisions and adapt to stay on track. “

“At the heart of that struggle is a gap in financial knowledge,” Picone added. “When people don’t feel they understand the basics, uncertainty and anxiety naturally set in — especially around high-stakes decisions. That can create a cycle where financial topics feel overwhelming, and people aren’t sure where to begin.”

“That’s why I firmly believe education and the guidance of financial professionals are the great equalizers,” Picone continued. “When people understand how their finances work, they gain the confidence to take positive steps and move forward.”

The importance of proactive lifelong learning

The survey also shared that proactive lifelong learning might be the key for those Americans who want to enhance their financial literacy skills. For example, the survey revealed:

• 23% of the financial beginners do not use any resources to learn about money.

• 90% of the financially savvy take advantage of at least one tool to sharpen skills.

The financially savvy also most often turn to a financial professional to improve their financial knowledge, with 37% saying they use a financial professional to learn about money. That’s compared to just 21% of financial beginners.

The presence of a profession helps shape respondents’ priorities and areas of interest, the survey added. Those who are currently engaged with an advisor are most interested in their guidance on investing (43%) and tax-efficiencies (43%), whereas those without professional support would most value a financial professional’s guidance on retirement planning (48%) and financial goal setting (45%).

What is proactive lifelong learning?

What is proactive lifelong learning and why is it important in improving Americans’ financial skills? According to Picone, “Proactive lifelong learning means making an intentional, ongoing commitment to build and strengthen financial skills over time.”

He added that the earlier that learning starts, the sooner people can put sound strategies to work and benefit from the time value of money. Importantly, financial literacy isn’t about knowing everything — it’s about knowing enough to act and using the resources available to take the first or next step, he said.

“Our research shows a clear difference: 90% of ‘financially savvy’ individuals actively use tools to build their knowledge, while nearly a quarter of beginners use none at all.”

Financial professionals play a critical role here, added Picone. More than any other resource, financially savvy individuals turn to a financial professional to learn about money (37%), compared with only 21% of beginners. “That guidance can be a powerful catalyst for confidence and action,” he said.

Helping clients feel more confident

Financial professionals have a tremendous opportunity to be a stabilizing force, Picone said, as he shared some of the steps that financial professionals can take to help clients feel more confident in making and carrying out financial decisions.

“In a world saturated with financial information — and misinformation — financial professionals can help clients cut through the noise, create a financial plan and focus on what truly matters,” he said.

The data speaks for itself, Picone said. While only 35% of people without a financial professional are confident that they can find reliable financial information on their own, that jumps to 59% for those who work with a financial professional. And clients with a financial professional are far more confident in their ability to execute decisions and adapt to stay on track — 57% versus 32% for those without one.

Financial professionals can also tailor education based on a client’s knowledge level and relationship tenure, Picone added. “Our research found that clients already working with a financial professional want guidance on more advanced topics like investing and tax strategies, while those without a financial professional are most interested in fundamentals such as setting financial goals,” he said.

Emotional support is just as important as financial knowledge, Picone said. The goal isn’t only to manage money — it’s to help people understand it. Nearly three in 10 adults (28%) said that anxiety about money holds them back from being financially capable, placing emotional barriers on par with practical ones like debt (30%) or insufficient funds (29%), he said.

“Finally, meeting clients where they are matters,” Picone pointed out. “Personal connections — family, friends and colleagues — remain the top way adults learn about money. Financial professionals can foster those conversations by involving family members and encouraging multigenerational dialogue.”

At the same time, Generation Z often turns first to social media. Within appropriate boundaries, financial professionals can use those platforms to share trusted information and help counter financial misinformation, he said.

The survey was conducted online by Morning Consult on behalf of Corebridge Financial between Feb. 3-5, 2026, among a national sample of 2,213 adults.

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