A new Gallup survey finds about one in five Americans who sought financial advice in the past year turned to artificial intelligence. But trust in AI for money management remains low: only 3% of U.S. adults say they have "a great deal" of confidence in it, and just 27% have "some" confidence.
The poll, conducted in the spring with Edward Jones, surveyed U.S. adults aged 21 and older. It reveals a gap between the tools people trust and the ones they actually use. About eight in 10 adults have at least some confidence in professional financial advisers, yet only about one-third of those who sought advice actually used one. Far more, 73%, relied on their own internet research.
What the survey found
Most Americans have sought financial guidance from at least one source in the past year. Beyond internet research and financial advisers, 35% went to a parent, sibling, or relative. About 26% got information from news media or social media, while roughly two in 10 turned to a friend, author, speaker, or influencer.
Fewer relied on an employer or retirement plan provider, a robo-advisor, or a teacher or professor. Younger generations are more likely to say they have used AI for financial advice, while older adults are more likely to have consulted a professional financial adviser.
Expert advice on using AI
Financial experts say consumers should be cautious about fully trusting AI tools. Taha Choukhmane, associate professor at MIT's Sloan School of Management, said AI can be useful for learning the basics.
"I would encourage people to use AI to explain and define if you're interested in knowing what the stock market is, what the difference between a mutual fund and an index fund is," Choukhmane said. "Using AI to explain these concepts can be very useful because it can empower people to get the most out of these methods."
Choukhmane suggested using AI as a starting point and combining that knowledge with other trusted sources. For those looking to build skills in this area, resources like AI for Finance courses can offer structured guidance.
Why this matters for finance professionals
For finance professionals, the survey points to a clear opportunity: clients are already using AI, often without much confidence in it. Many are also turning to internet research before consulting an adviser. That creates a role for professionals who can interpret AI-generated information and correct misunderstandings.
Advisers who can explain what AI gets right and wrong about financial planning may build more trust with clients who are experimenting with these tools. The data also suggests a generational shift - younger clients are more likely to bring AI-generated answers to conversations, and being prepared for that can make the difference between a useful discussion and a dismissive one. An AI Learning Path for Finance Managers can help professionals understand the technology's capabilities and limits before those conversations happen.
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