Younger adults will consult AI before a financial advisor on money problems

A recent survey of 2,000 UK adults has revealed that people under the age of 45 are more likely to seek financial advice from artificial intelligence (AI) sources than from traditional financial advisors. Eleven percent of under-45s surveyed indicated they would consult AI chatbots for financial guidance, compared to nine percent who would turn to human advisors.

Todd Latham, CEO of Attest, which conducted the research, noted that younger adults are increasingly turning to AI for money-related decisions. According to the survey, 41% of under-45s would accept AI-provided financial advice if it was cheaper than equivalent advice from a professional. Financial brands should pay attention to the questions people are asking before they reach the company, as AI-generated search results play a significant role in influencing consumer decisions.

However, financial product providers have not yet fully embraced AI, as they are not effectively communicating with AI-friendly marketplaces. Latham emphasized that providers need to understand how their products are represented in these AI conversations and what builds consumer confidence in acting on AI recommendations. The findings suggest that new lenders and brokers who are more attuned to AI-based referrals could emerge as significant players in the financial industry.