Financially Savvy Friends Could Save You Nearly $500 Annually, Survey Finds

A recent survey reveals that having a financially savvy friend can lead to average annual savings of nearly $500 for individuals. The poll of 2,000 Americans found that the typical person estimates saving approximately $482.10 by following a friend's financial guidance, with one in seven reporting savings exceeding $800.

These findings suggest a strong appreciation for financial expertise within social networks, as 35% of Americans believe every friend group should have a designated financial advisor. The study, commissioned by TaxSlayer Pro and conducted by Talker Research, indicates that nearly a third of those with a financially knowledgeable friend frequently seek their advice.

Furthermore, about 16% of respondents identify themselves as the financially astute member of their friend group, often sought out for advice on improving credit scores (35%), tax preparation (31%), and investment strategies (30%). Of these individuals, 35% wish their friends would consult them more often for financial guidance.

The confidence derived from dispensing financial advice has led a significant portion of these individuals to consider professional careers in the field. Forty-two percent of respondents who have advised friends on financial matters expressed interest in becoming professional tax preparers, citing potential benefits such as flexible working hours, a change of pace, and the opportunity to learn new skills.

Richard Marshall, Director of Sales at TaxSlayer Pro, commented on the accessibility of such careers, stating, "The goal of becoming a professional tax preparer may be more attainable than many people realize. The right tools and training can help you develop practical skills without following a traditional four-year degree path."

Beyond financial expertise, the survey also explored other essential roles within an ideal friend group. A mechanic was cited by 41% of respondents, followed by a doctor (32%) and a lawyer (29%). Overall, 84% of participants agreed that having friends with diverse skills is beneficial, with Gen Zers being the most likely demographic to rely on their friends' expertise regularly (34%).

In terms of the skills respondents themselves contribute to their friend groups, 28% offer entertaining talking points, and 24% provide fashion advice.

"Being a financial expert doesn’t mean having every answer," Marshall added. "It can start with practical knowledge and a willingness to keep learning. If friends already trust your guidance, that experience has value — and with the right training, you can continue building on it."

The research involved an online survey of 2,000 taxpaying Americans with internet access, conducted by Talker Research between July 16 and July 23, 2026.