A new survey from Unbiased, the leading source for impartial and independent financial advice in the United Kingdom, which recently launched in the U.S., reveals some concerning shortcomings in the U.S. population's level of financial literacy, their confidence in planning for retirement, and that many cite a lackluster financial education while in school as a key reason.

The Unbiased 2023 Financial Confidence Survey revealed that only 33% of adults in the U.S. consider themselves confident in their financial knowledge, with an additional 17% stating that they do not feel financially confident at all. When asked why they lack confidence, nearly a third (29%) of respondents cited not being taught financial matters in school. Even with these admissions, more than half of all consumers said they would feel too intimidated to seek financial advice, even if they needed it.

The survey also revealed that despite their prevalence in the media, financial products and terms, such as NFT and cryptocurrency, are misunderstood by a large percentage of the U.S. population. Potentially even more concerning is that most consumers do not feel confident in their retirement planning or budgeting ability.

 "When it comes to our physical health, we trust medical experts for recommendations to keep us on the right path, but unfortunately, that mentality isn't the same regarding our financial health. While nearly half of U.S residents find financial topics complex, an even greater amount feel too intimidated to seek financial advice," said Karen Barrett, founder and CEO of Unbiased. "Besides being intimidated, many cite that they do not seek input from a financial advisor due to perceived cost, lack of assets, or because they do not know where to turn. With Unbiased, we are able to uniquely pair consumers with finance professionals who have experience providing expert guidance tailored to unique circumstances. Our quick and easy matching service saves time and stress, allowing the focus to be on achieving financial goals."

Highlights from the Unbiased 2023 Financial Confidence Survey include:

• 33% of consumers feel somewhat confident about financial decisions, with 17% saying they do not feel confident at all.

• When asked to choose three financial areas they felt the most confident, respondents cited savings (53%), banking (47%), and credit cards (42%). Only 21% felt confident regarding retirement planning.

• Respondents cited they felt the least confident (36%) about retirement planning and pensions, third behind cryptocurrency (44%) and the stock market (47%).

• 29% of respondents felt their lack of financial confidence was due to not being taught about the topic while in school, while nearly half (47%) cited that the products are too complex.

• Regarding what may prevent them from seeking a financial advisor, 44% stated their services cost too much, 26% felt they did not have enough assets, and 23% responded that they did not know where to find support.

• Nearly half of all consumers (49%) responded they would feel too intimidated to seek financial advice even if they needed it, with an additional 33% citing they may feel too intimidated.

The Unbiased.com platform features a free library of information and resources curated to empower people to make financial plans and decisions confidently. As an information portal for personal finance, Unbiased.com provides free guides, tools, insights and information about topics from buying a house to investment trends and insurance. While education is the cornerstone of the Unbiased website, it also provides consumers with a dynamic matching engine where users are paired with a financial advisor focused on helping clients make confident, competent financial decisions.

Unbiased provides a clear alternative to financial services aggregators whose business models entail selling bulk leads to multiple financial advisors. Unbiased's web-based platform matches consumers with a single advisor based on the customer's economic standing, age, goals, location, and other factors. As a result, consumers can seek financial guidance, knowing that their contact information won't be shared with hundreds of advisors and lead to incessant follow-up sales calls.

Before launching in the United States, Unbiased has been providing financial advice and guidance to consumers in the United Kingdom for over a decade. Since launching in 2009, more than 10 million people have used Unbiased to find trusted financial advice, helping them make some of life's biggest decisions.

The Unbiased 2023 Financial Confidence Survey was conducted among 1,000 nationally representative US adults ages 18+, between February 17 and February 21, 2023. The data has been weighted to ensure an accurate representation of nationally representative US adults ages 18+.