Some US adults are using AI for financial guidance but few trust it, Gallup poll finds

A Gallup survey in collaboration with Edward Jones found that approximately 20% of U.S. adults who have sought financial guidance in the past year have turned to artificial intelligence (AI) for assistance. However, only about 30% of U.S. adults generally express some level of confidence in AI's expertise for managing finances, which is considerably lower compared to the 80% trust placed in financial advisors.

The study, conducted in the spring with participants aged 21 and above, revealed a significant disparity between the resources Americans trust for financial advice and those they actually rely on. While 80% of adults have some level of confidence in financial advisers, only around one-third of those who sought financial advice turned to a professional for help, with the majority, 73%, relying on their own internet research.

Experts advise caution when using AI, suggesting it should be used as a tool to understand financial concepts rather than a sole source of advice. Taha Choukhmane, a professor at MIT's Sloan School of Management, recommends using AI to explain financial concepts and seeking additional trusted sources to validate the information.

Despite AI's increasing popularity, financial professionals warn about the technology's lack of fiduciary responsibility and the potential for inaccurate advice based on user prompts. Younger generations are more inclined to use AI for financial advice, while older adults are more likely to consult professional financial advisors.

The cost of alternative options like hiring a professional or using AI can be minimal, but professional services often come with a higher financial commitment.