Half of investors now use AI for financial decisions, EY study shows
Nearly half of global consumers have turned to artificial intelligence to manage savings and investments in the past six months, according to research from EY. The shift signals a fundamental change in how wealth managers deliver advice and how clients expect to receive it.
The study found 49% of respondents using AI for investment or savings decisions. Beyond basic guidance, 21% rely on AI for product recommendations and 18% use it for budgeting and trading support. One in two respondents believe AI can detect and prevent fraud, pointing to demand for AI-enabled risk management.
More striking: 11% of consumers already allow AI to manage their finances with minimal human oversight, and 14% have let AI select financial service providers. The technology has moved from experimental tool to decision-making authority.
Personalization drives adoption
More than a third of respondents said they would find significant value in AI delivering tailored financial advice or automating decisions based on their preferences and data. This demand for customization is accelerating uptake across client bases.
Trust remains the barrier
Despite momentum, security concerns and accountability questions persist. Consumers are willing to adopt AI tools but hesitate when trust is unclear.
Financial services firms must establish strong governance frameworks and demonstrate transparency around AI-driven decisions. Firms that build this trust will convert consumer interest into sustained confidence.
Age gaps widen adoption
Usage varies sharply by generation. Sixty-eight percent of Gen Z respondents use AI for some aspect of financial management, compared with 65% of millennials. Older generations lag significantly.
Millennials show the highest comfort with AI in high-stakes decisions like financial advice and fraud detection. Education and employment status also influence adoption, with university graduates and full-time workers reporting higher confidence.
Financial institutions need to segment by age group rather than apply uniform approaches. Younger consumers require different tools and messaging than older ones less familiar with AI.
What this means for managers
For leaders in financial services, wealth management, and banking, the challenge is clear: clients are already using AI. The question is whether your firm guides that adoption or loses control of the relationship.
Managers should prioritize governance and compliance frameworks now, before adoption accelerates further. The firms that combine automation with transparency will capture market share. Those that ignore the trend risk client attrition to competitors offering AI-enabled services.
Learn more about AI for Finance or explore the AI Learning Path for CFOs to understand how AI is reshaping financial decision-making.
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