Consumers Turn to AI for Sensitive Financial Questions
Nearly half of regular AI users find it easier to ask chatbots financial questions they would be embarrassed to ask a person, according to new research.
Consumers are increasingly turning to artificial intelligence (AI) for initial guidance on financial matters, seeking a private and pressure-free environment for their queries. Research from Use.AI indicates that a significant portion of regular AI users find it more comfortable to address sensitive financial questions with AI than with human advisors.
The study, which surveyed 13,482 adults across six markets, revealed that 49 percent of regular AI users found it easier to ask AI financial questions they would feel embarrassed asking another person. Furthermore, 44 percent reported being more comfortable admitting to AI that they didn't understand a financial concept.
This trend suggests a shift in how individuals approach financial advice. While AI may not replace human financial professionals entirely, it appears to be serving as a crucial first step in the information-gathering process. Notably, 57 percent of study participants stated they would consider consulting AI before speaking with a human expert about an important financial decision.
Ihor Herasymov, co-founder and CEO of Use.AI, characterizes AI as the "first draft" of a financial decision. This means AI assists in formulating and understanding inquiries that may be messy, incomplete, or difficult to articulate. Such questions might include, "Can I afford this?", "What does this financial term mean?", or "Why don't I understand what my advisor is telling me?" This initial support can lower the barrier to seeking help and potentially improve financial literacy.