A fifth of Americans who sought financial advice in the past year turned to artificial intelligence, but trust in AI for money management remains thin, according to a Gallup survey conducted with Edward Jones. Only about 3 in 10 U.S. adults have a great deal or some confidence in AI's expertise for managing money, and just 3% trust it a great deal.
The poll, conducted in the spring among 5,075 U.S. adults ages 21 and older, found a gap between the sources Americans trust and the ones they actually use. About 8 in 10 adults have at least some confidence in financial advisers, but only about one-third of those who sought advice turned to a professional. Far more - 73% - relied on their own internet research.
AI as a starting point, not the final word
Financial experts say consumers should be cautious about fully trusting AI tools. Taha Choukhmane, an associate professor at MIT's Sloan School of Management, said AI works best as a learning tool early in the process, paired with other trusted sources.
"I would encourage people to use AI to explain and define," Choukhmane said. "If you're interested in knowing what the stock market is, what the difference between a mutual fund and an index fund is, using AI to explain these concepts can be very useful because it can empower people to get the most out of these methods."
He also recommends asking AI to provide references to trusted sources so users can verify the information. Since AI responds to specific prompts, answers can vary depending on how questions are asked.
Generational divide in advice sources
Younger adults are far more likely to use AI for financial guidance, while older adults lean on professionals. About a quarter of Gen Z and millennial adults who looked for financial advice in the past year went to AI, compared with 16% of Gen Xers and 7% of baby boomers.
The pattern reverses for professional advisers. Only 14% of Gen Z adults and 21% of millennials who sought guidance turned to a professional, compared with 34% of Gen X adults and 55% of baby boomers.
Cost is a likely factor. Internet research, family conversations, and AI tools carry minimal expense, while hiring an adviser requires a larger financial commitment. Beyond those sources, 35% of adults went to a parent, sibling, or relative, 26% got information from news, media, or social media, and about 2 in 10 turned to a friend or an influencer.
No fiduciary duty for AI
Some experts question what legal responsibility AI tools hold when giving financial advice. Certified financial planners have a legal duty to offer the most fitting advice for a client's situation. AI tools do not.
"Fiduciary responsibility is very real," said Bobbi Rebell, a certified financial planner and founder of Financial Wellness Strategies. "There's no AI that is a fiduciary. It doesn't really know your life; it's not asking you all the questions."
That means the decisions a person makes based on AI advice are ultimately their own. For professionals exploring how AI fits into financial workflows, resources like AI for Finance can provide practical grounding. Finance leaders looking to build structured skills may also consider an AI Learning Path for CFOs.
Why this matters for finance professionals
Clients are already using AI for financial decisions, whether advisers know it or not. The survey's numbers suggest a growing segment of younger clients will expect guidance on how to use these tools responsibly - and will need to understand why a fiduciary's judgment still matters. Advisers who can speak clearly to AI's limits, rather than dismiss it, will be better positioned to serve clients who arrive with chatbot-generated questions.
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