20% of Americans Use AI for Financial Advice; 70% Distrust It

Approximately 20% of U.S. adults have utilized artificial intelligence for financial guidance within the past year, according to a new Gallup survey conducted in partnership with Edward Jones, a financial services firm. Despite this adoption, a significant majority of Americans, around 70%, express a lack of confidence in AI's ability to manage their money. The survey, which polled adults aged 21 and older in the spring, found that only about 3 in 10 U.S. adults possess "a great deal" or "some" confidence in AI for financial expertise, with a mere 3% trusting it "a great deal."

This data highlights a notable divergence between the sources Americans trust for financial advice and those they actually consult. While roughly 80% of U.S. adults express at least "some" confidence in professional financial advisers, only about one-third of those seeking financial advice turned to a human advisor. In contrast, a substantial 73% relied on their own internet research for financial information. The survey also indicated that 35% of Americans sought guidance from family members such as parents or siblings, and 26% obtained information from news sources.

Financial experts are advising consumers to exercise caution regarding the complete reliance on AI tools for financial matters. Taha Choukhmane, an associate professor at MIT’s Sloan School of Management, suggests that AI can be most effectively employed as an initial learning tool. He recommends combining AI-generated insights with information from other trusted sources to gain a comprehensive understanding of financial concepts. Choukhmane stated, "I would encourage people to use AI to explain and define." He elaborated that AI can be highly beneficial for clarifying fundamental financial terms and concepts, such as defining the stock market or differentiating between mutual funds and index funds, thereby empowering individuals to better utilize various financial methods.

The survey further revealed that most Americans have sought financial guidance from at least one source in the past twelve months. Beyond internet research, financial advisors, AI, family members, and news outlets, the specific percentages for these other sources were not detailed in the provided text. The findings underscore a complex landscape of financial information consumption, where emerging technologies like AI are being adopted by a segment of the population, yet traditional sources and personal research remain dominant, with trust in AI lagging significantly behind its usage.