LONDON, UK – New research has revealed that the average amount UK adults have invested on the back of AI advice is £2,354.60. Across each age category, that translates to:
- Gen Z average AI-driven investments: £2,190.50
- Millennial average: £2,202.80
- Gen X average: £3,104.10 (fewer investors use AI, but invest more)
- Boomer average: £3,098.00 (fewer investors, as above)
More than half of UK adults (55%) say they now use AI platforms like ChatGPT, Perplexity and Google Gemini for financial advice at least sometimes – rising to 81% of Gen Z and 80% of Millennials.
In fact, one in seven of Gen Z (14%) say they use it to answer all their financial questions.
The study was carried out by STRAT7, the global tech-enabled strategy, insights and analytics group, examining the financial and investment habits of 1,000 UK adults.
It found that one in ten (10%) of those who use AI for financial guidance say that they go to AI platforms first for financial advice, and that more than a third (36%) use it for advice on how to better manage their budgets.
Sue van Meeteren, co-founder of STRAT7 Jigsaw, comments “The financial services industry can’t underestimate the impact of generative AI as a tool for advice and guidance, especially for younger savers and investors.
“If traditional investments like home ownership are seen as out of reach for younger people, control over other investing channels will become more important than ever. It’s no surprise that people are looking to AI for low-cost advice, and traditional FS brands need to take note if they don’t wish to become sidelined by this audience.”
However, the survey also highlighted that while this scenario is a longer-term risk, financial services businesses now have a clear opportunity to position their existing platforms as educational hubs.
The top three most influential sources of financial guidance overall are:
- Banks’ websites (used by 81% of respondents)
- Family members (76%)
- Money Saving Expert (75%)
By comparison, only 40% say they use social media for financial guidance, with two of the oldest platforms, YouTube and Facebook, scoring highest.
Even younger audiences aren’t automatically going to social media for the answers to their financial questions: only 50% of Gen Z and 46% of Millennials look to those channels, compared to 87%/89% of those age groups who go to banks’ websites and 83%/85% who ask family members. Plus, 81% of both groups use Money Saving Expert for advice.
Van Meeteren adds “The research highlights that people are seeking three core elements in their financial advice: self-service tools such as bank websites; emotional trust and advice based on lived experience, which they get from family members; and high quality, objective guidance in layman’s terms – hence the appeal of Money Saving Expert.”
The study also noted that Money Saving Expert and banks’ websites were the financial sources that left users feeling most satisfied with the outcome – more than three-quarters (78% for both) of customers were satisfied with the advice they received.
On the other hand, only two-thirds (67%) were satisfied with the investment advice they received from AI sources – and a similar 65% were happy with the advice they received from social media.
Van Meeteren concludes “Financial firms and banks should not assume that emerging channels are the only way to capture the attention of younger audiences, because the traditional channels are clearly alive and well with customers of all ages.
“What people need most is tailored, personalised education and guidance to ensure that they’re making the best possible financial and investment decisions, no matter their circumstances. They want to know what’s in it for them.”
