About 1 in 5 Americans who sought financial advice in the past year turned to AI, but only about 3 in 10 U.S. adults have "a great deal" or "some" confidence in its expertise for managing money, according to a new Gallup survey conducted with Edward Jones. Just 3% of adults trust AI "a great deal."
The survey, conducted in the spring with adults at least 21 years old, found a disconnect between the sources Americans trust and the ones they actually rely on. About 8 in 10 U.S. adults have at least "some" confidence in financial advisers. But only about one-third of those who sought advice turned to a professional, while 73% relied on their own internet research.
Taha Choukhmane, associate professor at MIT's Sloan School of Management, said AI works best as a starting point, not a final answer. "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."
Where Americans get financial advice
Most Americans sought guidance from at least one source in the past year. Beyond internet research, financial advisers, and AI: 35% went to a parent, sibling, or relative; 26% got information from news, media, or social media; about 2 in 10 turned to a friend or an author, speaker, or influencer. Fewer relied on an employer or retirement plan provider, a robo-advisor, or a teacher or professor.
Generational divide
Younger adults are far more likely to use AI for financial advice. 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 X and 7% of baby boomers. The pattern reverses for professional advisers: only 14% of Gen Z and 21% of millennials used one, while 34% of Gen X and 55% of baby boomers did.
Affordability is a likely factor. Online research, family, friends, and AI cost little or nothing. Hiring a professional requires a larger financial commitment.
The limits of AI advice
AI responds to specific prompts, so the quality of advice can vary with how questions are asked. Choukhmane recommends asking AI to provide references to trusted sources so the information can be verified.
Certified financial planners have a legal duty to give the most fitting advice; AI tools do not. Bobbi Rebell, certified financial planner and founder of Financial Wellness Strategies, said that distinction matters. "Fiduciary responsibility is very real," Rebell said. "There's no AI that is a fiduciary. It doesn't really know your life; it's not asking you all the questions."
Why this matters for finance professionals
Clients are already getting financial information from AI, often without telling their adviser. The survey shows younger clients in particular are using these tools, and that most have never met with a professional. For advisers, that creates an opening: clients who understand basic concepts may be more receptive to professional advice, but they also need help verifying what AI told them.
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