Half of Brits using AI to manage their money
Half of Brits using AI to manage their money
People are increasingly turning to artificial intelligence (AI) to get on top of their finances.
According to Lloyds, 56% of adults have used AI in the past year to help manage their money.
That’s nearly 30 million people.
ChatGPT was found to be the most popular platform, with six in ten using it to get financial advice and information.
People regularly asking AI for money help
Interestingly, people are making asking AI for help a regular part of their lives.
Figures showed that one in three people now use AI at least once a week to get financial advice.
And help with money is the main reason why people are using the technology, ahead of health advice, travel planning and recipes.
What financial help do people want?
People are using AI to get to grips with many aspects of managing their money, such as:
- savings goal planning - 53%
- budgeting advice and planning - 52%
- general financial education - 51%
- insurance comparison and advice - 45%
- planning for the future - 39%
- investment research and recommendations - 26%
- debt management strategies - 26%
Digital tools helping people feel more financially confident
Another notable finding was that digital skills are helping people to feel more in control of their money.
Two-thirds (66%) of internet users say being online helps them feel more confident about managing their finances.
Meanwhile, 93% of those who feel confident using digital tools say they feel informed enough to make good financial decisions.
That compares with just 62% of those who lack digital confidence.
Figures also showed that almost all (98%) confident internet users say they’ve saved time or money because they’ve been online.
Written by James Glynn
Senior Financial Content Writer