98% young adults trust AI for financial planning

A new survey reveals that an increasing number of young people in the US are turning to AI tools for financial advice. The research, conducted by Dublin-based Experian, found that 67% of Gen Z and 62% of millennials are using AI technology, such as ChatGPT, to help manage their finances.  

The survey of 2,011 US citizens across both age groups shows that 77% use AI at least once a week for tasks like budgeting, investment planning, and credit score improvement. Notably, 60% of respondents said AI tools were helpful for budgeting, while 48% used them for investing advice. Additionally, a significant 98% of participants reported positive experiences with AI in their financial management.

Experian representative Christina Roman emphasised that responsible use of AI could enhance financial literacy and improve overall financial health. The company’s data suggests that AI’s ability to analyse complex financial data in a short time is a major draw for users.

The trend is not limited to the US. In Canada, a similar Ipsos survey found that 33% of respondents use AI for cash flow management, with 43% leveraging the technology to enhance financial knowledge. AI’s ability to process large amounts of data quickly and provide actionable insights is revolutionising the way people approach their finances.

Financial sector spending on AI is expected to surge in the coming years, with experts predicting an additional $62 billion in global investments by 2027. Nearly all major financial services firms in the U.S. and Canada are already incorporating AI into their operations.

This growing reliance on AI signals a shift in how younger generations approach financial decision-making, potentially reshaping the future of personal finance.