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Younger generations in the U.S are increasingly using AI for financial advice. Some U.S. adults are using artificial intelligence for financial guidance, but it’s far from the most trustedtnership with Edward Jones, a financial services firm
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Most Americans have sought financial guidance from at least one said they used internet research, financial advisers, or AI, 35 per cent went to a parent, sibling, or relative, while 26 per cent got information from news, media or social media. About 2 in 10 said they turned to a friend or an author, speaker, or influencer, and fewer relied on an employer or retirement plan provider, a robo-advisor or a teacher or professor
Younger generations are more likely to say they’ve used AI for financial advice, while older adults are more likely to have turned to a professional financial adviser.
Affordability can often deter younger adults from hiring a financial adviser. While doing research online, asking family and friends and using AI can have minimal costs, hiring a professional can require a bigger financial commitment. About a quarter of Gen Z and millennial adults who looked for financial advice in the past year went to AI, compared to 16 per cent of Gen Xers and just 7% of baby boomers. But while only 14% of Gen Z adults and 21% of millennials who sought guidance turned to a professional financial adviser, that rose to 34% of Gen X adults and about half, 55%, of baby boomers.
Since AI interacts with specific user prompts, the advice can vary depending on how
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While AI can be utilized for research, some financial experts are skeptical about the legal responsibilities of the technology. Certified financial planners have a legal responsibility to give the most fitting advice while AI tools don’t. Ultimately, the decisions a person makes based on AI advice are their responsibility.
“Fiduciary responsibility is very real,” said Bobbi Rebell, certified financial planner and founder of Financial Wellness Strategies. “There’s no AI that is a fiduciary. It doesn’t really know your life; it’s not asking you all the questions.”
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