Nearly half of consumers now use AI for investment and savings decisions
Forty-nine percent of global consumers have used artificial intelligence to help with savings and investment decisions, according to a survey by Ernst & Young. The finding signals that AI has moved beyond experimentation into practical, everyday use for managing money.
Beyond investments, consumers are applying AI across multiple financial tasks. Eighteen percent use it to protect personal financial data, 21% rely on it for product recommendations, and 18% use AI for budgeting and trading support. About half of all respondents believe AI can detect and prevent fraud.
The shift reflects growing consumer confidence. Thirty-seven percent said they would find AI "very" or "extremely" helpful for personalized recommendations based on their data and preferences, as well as automating financial processes like claims handling.
Some consumers have moved to more advanced applications. Fourteen percent have allowed AI to select financial service providers on their behalf, while 11% let AI manage their finances with minimal or no human involvement.
Trust remains the barrier
Financial institutions face a critical challenge: earning consumer trust. Transparency and clear guardrails around AI-driven decisions are essential for wider adoption, according to EY's analysis.
Age significantly shapes adoption patterns. Sixty-eight percent of Gen Z respondents (ages 14-29) use AI for financial management, followed by 65% of millennials (ages 30-45). Millennials are the most active users in higher-stakes applications, with 43% using AI for financial advice, 37% for fraud detection, and 41% for claims automation.
Education and employment status also correlate with trust in AI. About half of respondents with university degrees consider AI highly useful for fraud detection and financial advice. Among those with only a high school education, confidence drops significantly. Full-time workers report using AI for product recommendations at nearly four times the rate of retirees-28% versus 7%.
The digital divide widens
The gap in adoption reflects differences in digital literacy. Financial institutions and AI providers must segment by age group and build trust with less digitally-savvy consumers while catering to younger generations who consume AI advice differently.
For finance professionals, these findings underscore a shifting market. Banks, insurers, and wealth managers have an opportunity to capture new customers and change how they interact with clients as AI adoption accelerates among consumers comfortable with the technology.
Learn more about AI for Finance or explore the AI Learning Path for CFOs to understand how these trends affect financial strategy and decision-making.
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