In a recent survey conducted by the Certified Financial Planner Board, a striking revelation emerged: about 31% of American investors are embracing AI-generated financial advice without the need for additional confirmation.
This survey, which canvassed the opinions of more than 1,100 adults in the early days of July, sheds light on the shifting landscape of financial guidance consumption. What adds intrigue to this trend is the fact that merely 31% of the respondents had prior experience with AI-sourced financial planning advice. Among this group, a notable 80% expressed varying levels of contentment with the advice they received from AI systems.
Interestingly, older respondents tended to report higher satisfaction levels compared to their counterparts under the age of 45.What distinguishes this evolving pattern is the nearly one-third of surveyed individuals, whether or not they had previously engaged with AI-driven advice, who indicated their willingness to place complete trust in AI recommendations without the need for external validation.
This transition towards AI-driven counsel coincides with a transformation in how people seek financial guidance. Before the proliferation of AI chatbots such as OpenAI’s ChatGPT and Google’s Bard, investors increasingly turned to friends, influencers, and social media for investment insights.
However, this recent survey unveiled a noteworthy paradigm shift: generative AI tools have now outpaced social media as the preferred choice for financial advice across all age groups. Investors surveyed demonstrated a notably higher level of comfort when relying on AI-generated financial advice, even in the absence of external verification, as compared to advice from social media.
It’s important to note that the CFP Board observed a consistent trend among investors of all ages: they expressed greater confidence in AI-generated advice and financial insights from social media platforms when such recommendations were endorsed by a trusted financial advisor.
Interestingly, the results unveiled a somewhat tempered appetite for AI-generated financial guidance in the future, with a mere 52% of respondents expressing an inclination towards receiving such advice.