Gallup Poll: AI Used for Financial Advice, But Trust Remains Low
While some U.S. adults are turning to artificial intelligence for financial guidance, trust in AI as a source of advice remains low, according to a new Gallup survey. About one in five individuals seeking advice have utilized AI.
A new Gallup survey, conducted in partnership with financial services firm Edward Jones, reveals that while artificial intelligence (AI) is being used as a source for financial guidance, trust in the technology is limited. The survey found that approximately one in five U.S. adults who sought financial advice in the past year have turned to AI.
Overall, only about three in 10 U.S. adults have "a great deal" or "some" confidence in AI's expertise for managing money, with just 3% expressing "a great deal" of trust.
The poll identified a disconnect between the sources Americans trust for financial advice and those they actually rely on. While roughly 80% of adults have at least "some" confidence in professional financial advisors, only about one-third of those seeking advice consulted a professional. A much larger group, 73%, reported relying on their own internet research.
Financial experts advise consumers to be cautious about fully trusting AI. Taha Choukhmane, associate professor at MIT's Sloan School of Management, suggests using AI as a starting point for learning and combining its information with other trusted sources. He notes AI can be highly beneficial for explaining complex concepts, thereby empowering individuals to better understand and utilize various financial tools.
The survey also indicated that younger generations are more likely to use AI for financial advice, while older adults tend to prefer professional advisors. Cost is a significant factor, as professional consultations require a greater financial commitment compared to free online or family resources.