American Investors Embrace AI Financial Advice

A recent survey found that approximately one-third of American investors would be willing to follow AI-generated financial advice without verifying it with another source.

On August 22, the Certified Financial Planner Board of Standards released the results of a poll conducted in early July among more than 1,100 adults.

Only 31% of respondents had received financial planning advice from AI, with 80% expressing some level of satisfaction.

Those over 45 years of age were more satisfied with the experience than those under 45 years of age. However, nearly one-third of all respondents to the survey, regardless of whether they have attempted it or not, indicated that they are comfortable taking advice without verifying it.

Before the advent of AI chatbots such as OpenAI’s ChatGPT and Google’s Bard, it was observed that an increasing number of investors sought investment advice from peers, influencers, and social media.

26% cited comfort in using unverified financial advice from social media, compared to 31% citing the same from a generative AI tool. Source: CFP Board

Intriguingly, the most recent survey discovered that generative AI tools have surpassed social media across all age groups, with investors indicating they are more at ease using AI financial advice without verifying the information than they are with social media.

Experience using AI for financial advice was low but was largely satisfying for those who had. Source: CFP Board

The CFP Board asserted, however, that investors of all ages felt more at ease with AI-generated and social media-derived financial advice if it had been verified by a financial advisor.

Only 52% of respondents were interested in obtaining AI-generated financial advice in the future, according to the findings.