Under-45s more likely to turn to AI than advisers on financial decisions

Adults aged under 45 in the UK are more likely to initially turn to artificial intelligence (AI) than a financial adviser when making financial decisions, according to Attest.

The consumer insights platform conducted a study that found 11 per cent of under-45s turned first to an AI assistant for money decisions, compared to 9 per cent contacting a financial adviser.

Cost was highlighted as a key factor in further AI adoption, with 41 per cent saying they would accept financial advice from AI if it was cheaper than advice from a person.

Attest’s 2027 Consumer trends report noted that AI was becoming a contact for consumers considering financial decisions, with implications for how financial services firms contact and inform potential customers.

The findings emphasised that AI was embedded at the beginning of some under-45s’ decision-making processes, meaning people could arrive with questions, preferences and assumptions based on AI’s responses when meeting an adviser.

People were also open to delegating routine financial tasks to AI, with 41 per cent of adults saying they would allow an AI assistant to cancel unused subscriptions without asking and 36 per cent saying they would let it negotiate a refund or dispute a charge for them.

However, fewer would let AI take control over more significant financial decisions, with 17 per cent willing to allow AI to move their savings to another provider for a better rate and 10 per cent would let it buy and sell investments.

“For some younger adults, the first conversation about a money decision is already happening with an AI assistant,” commented Attest CEO, Todd Latham.

“Financial brands increasingly need to understand the questions people are asking before a customer reaches them, and which providers and products AI puts in front of consumers.

“Our findings across financial products, insurance, travel, tickets and experiences also show how influential that stage can be.

“Consumers are not only using AI to explore their options, but are increasingly open to letting it take action on their behalf, from cancelling unused subscriptions to switching providers for a better deal.

“Providers need to understand how their products are represented in these conversations and what gives consumers the confidence to act.”

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