You Don’t Need To Be ‘Bad With Money’ To Need Financial Support

Most people, especially women, do not have a financial advisor even when they need one because they think they don’t make enough money, couldn’t cover the costs, or simply don’t feel comfortable making financial decisions. Only 27% of Americans have a financial advisor, with lower rates amongst women (22% as opposed to 32% for their male counterparts). On the other end, 41% of Americans report having at least consulted occasionally. Most people still prefer advice from friends and family, which is most common in younger adults. 

For many, the reticence to reach out for professional help stems from their lack of confidence. Most Americans (72 %) don’t feel confident handling finances. The top three following reasons are sentiments of “I don’t have enough money” (31%), “My money isn’t that complex” (26%), and “I actually like doing it myself” (24%).

What most people don’t understand is that you don’t need to be rich, have an incredibly large portfolio or varied sources of income, or be where you want to be financially to need or deserve a financial advisor. That’s because having one can actually push you to get to where you want to go. 

Probably—and not because you’re “bad with money.” Most people can benefit from an outside perspective on their finances. It’s time to let go of the myths you’ve been carrying your whole life and rethink what financial support can actually look like. Here are some signs to know if it might be time to seek financial guidance: 

• You’re self-employed, freelancing, or dealing with inconsistent income
• You feel overwhelmed by investing options (mutual funds, robo-advisors, DIY investing, etc.)
• You’ve received an inheritance or an unexpected lump sum
• Your job is demanding, and you don’t have time to research financial strategies
• You’ve gone through a major life change (new job, buying property, having a child)
• You want a yearly financial check-in to make sure you’re still on track

If you’re ready to start looking, here’s some advice: 

Many banks offer free or low-cost financial advice. Meeting with a financial advisor can help you feel empowered by teaching you the ropes, helping you develop short and long-term goals, as well as keep you on track—who doesn’t need a little accountability? Even one conversation can help you see things you haven’t considered before while understanding your options and building confidence in your handling of finances. 

“Start where you are,” said Drew Blackston, financial advisor, “ that is better than doing nothing.”

So don’t worry about how much is in your bank account because you don’t need a perfect bank statement or a perfect plan; you just need a starting point.

A financial advisor should do more than just “handle your finances.” They should help you understand why you make the financial decisions you make, how to change them, and explain their plan for your money. “Give a woman a fish…” The more you understand how money works, the more confident you become. Financial education can help you avoid emotional decisions, understand risk, and feel more in control of your financial future.

“An investment in knowledge pays the best interest,” wrote Benjamin Franklin.

It’s not just about accumulating wealth; it’s about understanding how to make your money work for you. 

We all know the basics, right? Save more, spend less, invest early. The hard part is actually doing it, sticking to your plan, and not taking money out of your savings for this trip, even though you said you wouldn’t. A financial advisor can help turn your intentions into real, manageable habits by helping you set timelines, track progress, and adjust when needed.

“Do not save what is left after spending, but spend what is left after saving,” wrote Warren Buffett.

“If you have a good systematic savings, you are invested aggressively enough, and have a solid cash reserve,” said Aaron Agte, founder of Graystone Advisor, “then most of the rest of the advice becomes optimizing on the margins.” 

When it comes to financial planning, you have to think long-term. Patience and consistency are key. Regardless of what your financial goals are, looking into financial advising can be the push you need to get from “I have no idea what’s going on,” to “Actually, I am capable of making smart, informed, financial decisions.” Go forth and budget.