New York Life Wealth Watch: Coaching and mentorship in childhood help build financial confidence — but access remains limited

New York Life  |  May 19, 2026

Survey finds access to early guidance shapes long-term financial well-being, yet only half of Americans believe quality coaching is available to young people

NEW YORK - New York Life's latest Wealth Watch survey finds coaching and mentorship early in life can shape not only who people become, but how financially prepared they are for the future. Nearly all adults (92%) say a coach or mentor helped them build skills that still benefit them today, and 78% say it positively impacted their financial situation. One-third say the guidance directly shaped their financial habits and decision-making.

Despite these benefits, access remains uneven: Only half of adults (51%) believe high‑quality coaching or mentorship is accessible for young people today, highlighting a significant gap between the recognized value of guidance and the reality of who receives it.

The value of being coached

When Americans reflect on the coaches and mentors who shaped their lives, the impact extends well beyond any single skill or sport. Those who had a meaningful coach or mentor report lasting effects across confidence, character and their ability to pursue long-term goals.

• 76% of adults believe coaches and mentors are important in shaping long-term success and 57% say having a coach or mentor contributed "a great deal" to their own success
• 67% say access to coaching and mentorship influences opportunity in life at least "a fair amount"
• 63% say their coach or mentor was most impactful because they believed in them and encouraged them, followed by helped build confidence (54%) and emotional support (49%)
• 91% say their coach or mentor increased their confidence in pursuing long-term goals
• Lasting impacts include self-confidence (67%), leadership skills (54%) and resilience (45%)
• These relationships tended to endure: Nearly half (44%) say the relationship lasted at least three years, and nearly one quarter (21%) say it is still ongoing

Coaching, confidence and financial well-being

Adults who had a meaningful coach or mentor are significantly more likely to report positive outcomes across financial confidence, preparation and long-term planning. The data also reveals a striking parallel between those who have been coached and those who work with a financial advisor.

• 66% of adults who have had a coach or mentor have a financial strategy in place, compared to 48% of adults without a coach or mentor
• 57% of adults who work with a financial advisor have had a coach or mentor who meaningfully shaped who they are, compared to 27% of those without a financial advisor
• Adults with a financial advisor are more than twice as likely to currently have someone they consider a coach or mentor (35% vs. 15%)
• 88% of adults with a financial advisor say coaches and mentors are important in shaping long-term success, and 86% say access to coaching influences opportunity in life, compared to 61% of those without a financial advisor
• Adults without a financial advisor are more likely to wish they had access to coaching and mentorship in their adult life (49% vs. 35%)

The access gap

While Americans widely recognize the importance of coaching and mentorship, many believe meaningful access remains out of reach.

• Only 51% of adults believe high-quality coaching or mentorship is accessible for young people, and nearly three-fifths (58%) of those who did not have a coach or mentor say that limited access affected their trajectory
• Key barriers preventing access include cost (39%), lack of programs in the community (35%) and lack of awareness about available opportunities (33%)
• Among those who lacked access, the most common effects were lower earnings (21%), lower confidence in their abilities (21%) and less guidance on school or career choices (18%)
• While most (83%) agree that inclusive coaching programs where children of differing abilities participate together benefit all participants, half (50%) believe all-abilities programs are accessible in their community
• Higher-income adults are more likely to recognize coaching's value: 80% of adults with household incomes of $100,000 or more say access to coaching influences opportunity in life, compared to 60% of those with incomes under $50,000

ABOUT WEALTH WATCH

Wealth Watch is a recurring survey from New York Life that tracks Americans' financial goals, progress toward those goals, and feelings about their ability to secure their financial futures. The survey identifies key themes and trends emerging around topics like financial confidence, the role of guidance and protection-oriented solutions, and the financial pressures facing American families.

SURVEY METHODOLOGY

This poll was conducted March 23-25, 2026, among a sample of 2,204 adults. The interviews were conducted online and the data were weighted to approximate a target sample of adults based on gender, age, race, educational attainment, region, gender by age, and race by educational attainment. Results from the full survey have a margin of error of plus or minus 2 percentage points.

ABOUT NEW YORK LIFE

New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest¹ mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, disability income insurance, retirement income, investments, and long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies.²

1 Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 9/30/2025. For methodology, please see https://fortune.com/company/new-york-life-insurance/.

2 Individual independent rating agency commentary as of 10/28/2025: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aa1), Standard & Poor’s (AA+).

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