Distressed Consumers Prefer One-on-One Financial Reviews

As much as they love their smartphones and the Internet, almost half of the borrowers participating in an online National Foundation for Credit Counseling survey would rather talk to a qualified professional when facing financial distress.

The NFCC August Financial Literacy Opinion Index based on answers provided by 794 individuals to the index homepage in August show 44% would reach out to speak to a certified financial professional first.

They prefer one-on-one help as opposed to online education, NFCC’s financial self-assessment tool MyMoneyCheckUp, or attend a free group financial workshop.

Financial concerns and solutions consumers need are as different as they are, said NFCC spokesperson Gail Cunningham. Apparently they prefer the nonprofit’s one-on-one financial reviews either in-person, by phone or online through more than 2,200 NFCC certified financial professionals who are tested on “six modules related to credit and personal finance” concerns involving creating a workable budget, understanding credit and getting out of debt.

In August when asked who would they most likely approach to seek help when having financial trouble, 35% chose “taking advantage of online resources related to my concern.” Despite convenience, Internet resources ranked second after “reaching out to a certified financial professional.”

Another 17% would rather “utilize a financial self-assessment tool to help pinpoint the problem.”

Only 3% selected attending a related group workshop if in financial distress. Nonetheless, findings reiterate counseling efficiency is higher if all the aforementioned options are available to distressed borrowers.