Americans spend more time fact-checking online financial advice as regrets mount, CFP Board finds

Americans are spending more time than ever verifying the financial advice they encounter online, a recent survey from the CFP Board of Standards shows, as skepticism grows over the accuracy and intent of digital guidance.

According to the report, 45% of Americans say they question the accuracy of the financial information they find online at least five times per month, while another 35% do so at least once a month. Only 6% say they never question what they see.

Nearly two-thirds of respondents report spending more time verifying online financial information than they did five years ago, reflecting a growing “trust, but verify” mindset among consumers.

The survey, conducted in April 2025 among Americans aged 25 to 64 with household incomes over $50,000, highlights the blurred line between helpful and harmful financial content in the digital age. While the internet has made financial information more accessible, it has also increased the risk of misinformation, with real consequences for consumers’ financial well-being.

“Many Americans are skeptical of the financial information they find online,” the report notes, adding that only two in five believe most or all of what they encounter online is truly in their best interests.

The generational divide is stark: nearly half of those aged 25 to 45 trust online financial information, compared with just a quarter of those aged 46 to 64.

The data also point to a palpable impact from bad online advice. Fifty-seven percent of Americans say they have made a financial decision they later regretted based on online misinformation, and one in five “seriously” considered acting on inaccurate information before ultimately deciding against it.

While younger investors are famously more receptive to digital sources, including AI, the CFP Board found they are also more likely to report advice remorse. Nearly two-thirds (64%) of under-45s in its survey say they have made regrettable decisions, compared with 45% of older respondents.

“Americans are drowning in online money advice, much of it misleading,” CFP Board CEO Kevin R. Keller said in a statement unveiling the findings. “That gap between easy access and reliability puts financial futures at risk." 

The types of misinformation encountered are varied. The most common include overblown claims about investment returns, inaccurate or outdated AI-generated advice, and misleading information about Social Security benefits.

Other frequent themes involve questionable tax strategies, debt management claims, cryptocurrency hype, and false promises of student loan forgiveness.

The consequences extend beyond individual portfolios. One in three Americans say they have delayed making a significant financial decision because of misinformation, while 29% admit to making choices without professional consultation. Nearly a quarter report paying unnecessary fees, and 19% say they purchased financial products that may not suit their needs.

The ripple effects also include recommending flawed strategies to friends and family, losing trust in financial institutions, and increased anxiety about personal finances.

Despite these challenges, most Americans are not acting blindly. The survey found that 93% validate financial information before implementing it, with about a third turning to their own research and another third consulting a financial advisor.

As the report states: “This verification step is crucial, as our research shows most Americans recognize that online financial information may not always prioritize their best interests.”