Investors are turning to artificial intelligence (AI) tools for guidance on their finances and investments, though they remain skeptical of its output and continue to lean on human advice ahead of key decisions, new data shows.
A new study by Gallup conducted in partnership with Edward Jones found that about three-quarters of Americans have sought financial guidance from at least once source in the last year.
Among those U.S. adults who have done so, 73% used their own internet research, while 35% talked to family members, 32% sought out professional financial advisors, 26% leaned on news or social media, and 23% talked to their friends. Another 18% sought financial guidance from AI tools like ChatGPT and Claude, among others.
The level of confidence in the advice they received varies widely based on the source – 79% of American adults had at least some confidence in financial advisors, with about one-quarter having a great deal of confidence. By contrast, less than three in 10 have at least some confidence in AI for financial guidance, with just 3% saying they have a great deal of confidence.
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David Chubak, head of wealth management at Edward Jones, told FOX Business that what the research “reaffirms to us is that when it comes to the conversation of consequence, to making a real-life decision, people aren’t ready to trust AI as the decision maker for them, as the counselor.”
“Rather, they are still relying on their financial advisor as their trusted human partner to help them think through the process, the experience of that decision.”
“AI, as we see it, plays an important role in some of the discovery and approach to people improving their finances. When it comes to improving their financial fulfillment, people still believe inherently in the importance of a human, trust relationship,” he added.
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Chubak said that AI searches for financial guidance often involve the use of what he called “tactical” questions involving things like getting information about 401(k) retirement plans, 529 education savings accounts or the recently-launched Trump Accounts.
He said that individuals are generally not spending as much time with AI tools when it comes to addressing things like the purpose of their personal financial planning and the anxieties they may have about that.
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“There, they’re going to the advisor to have that conversation, to unroot what the real question is that they’re trying to solve and then try to solve it with them,” Chubak said.
He added that the more tactical or discovery-oriented interactions with AI tools can “really help them identify when they need an advisor,” as well as to help them “sharpen where the focus areas that they want to go are, so that the advisor can really hone in on the most impactful opportunities.”
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