US Adults Use AI for Financial Advice, But Trust Remains Low

A recent Gallup survey, conducted in collaboration with financial services firm Edward Jones, indicates that a portion of U.S. adults are utilizing artificial intelligence for financial guidance. However, the survey results highlight a substantial gap in trust, with AI far from being the most relied-upon source for financial advice. Specifically, approximately one in five Americans who sought financial advice within the past year reported turning to AI for assistance. Despite this usage, overall confidence in AI's expertise for managing money among U.S. adults is notably low, with only about three in ten expressing "a great deal" or "some" confidence. A mere 3% of all U.S. adults place "a great deal" of trust in AI for financial matters.

The poll, which surveyed adults aged 21 and older in the spring, identified a divergence between the sources Americans trust for financial advice and those they actually depend on. While roughly eight in ten U.S. adults express at least "some" confidence in professional financial advisers, only about one-third of those seeking financial advice actually consulted a professional. A significantly larger percentage, 73%, indicated they relied on their own internet research for financial guidance. This suggests a preference for self-directed research over professional consultation, even among those actively seeking advice.

Financial experts are advising consumers to exercise caution regarding complete reliance on AI tools as their adoption grows. Taha Choukhmane, an associate professor at MIT’s Sloan School of Management, suggests that the most effective approach to engaging with both new and traditional financial guidance tools is to use AI as an initial learning resource, supplementing its insights with information from other trusted sources. Choukhmane advocates for using AI to explain and define financial concepts, such as the stock market or the distinctions between mutual funds and index funds. He believes that AI's ability to clarify these concepts can be highly beneficial in empowering individuals to maximize their understanding and utilization of various financial methods.

The survey also revealed that most Americans have sought financial guidance from multiple sources over the past year. Beyond internet research, financial advisers, and AI, 35% of respondents turned to family members like parents or siblings for advice. Additionally, 26% obtained financial information from news media outlets. This broad engagement with diverse information channels underscores the multifaceted nature of financial decision-making for many individuals, who often combine insights from various sources to inform their strategies.