And our AI survey says…

I’m not Les Dennis (or Vernon Kay for that matter!), but if we’d asked 100 people 20 years ago, who they would ask for financial advice, an answer of a robot would have got a big “uh-uh!” followed by rapturous laughter from the audience.

But let’s face it, times have changed and managing money isn’t exactly anyone’s idea of fun in this fast-paced world, whether you’re just starting out in life or you’re well into retirement. Sticking to a budget, planning for the future, or simply working out if you can afford that next holiday can leave even the savviest of us scratching our heads. However now, everywhere you look, people are saying artificial intelligence is the magic fix for all our financial decisions. Sounds brilliant, but is it really that simple? What does this mean for us – and for the generations that follow?

Remember when budgeting apps like Monzo were all the rage? People loved those clever features and the satisfying “ka-ching” every time money landed in their account. Nevertheless, things have moved on and fast. A recent major national study by Lloyds(1) highlighted that in the past year, more than half of UK adults have used AI to help manage their money, with one  in three using it weekly. That’s not just a quick Google for hints and tips; we’re talking about folks relying on AI for big decisions, like pensions and investments. With 39% of adopters using it for pension recommendations, and 37% for investment insights, there’s been a serious shift over recent years from the more traditional methods.

However, AI might be speedy, clever, and always available, but it’s not regulated. When it comes to money, especially the big, life-changing stuff, don’t we all want advice that’s accurate, secure, and actually fits our own situation? For example, I asked AI how much I should put into my pension and got a straight-up answer of “12-15% of my salary”. Sounds reasonable, but without knowing my current overall personal and financial positions, along with future aspirations, how can it be accurate? With so many people rating their financial knowledge as low, it’s a bit worrying to think we might just follow that advice thinking it is the magic number without a second thought.

So, is AI really giving us clarity, or are we just crossing our fingers and hoping for the best? With one in three people now using AI for financial tasks – more so for health, shopping, or travel – are we turning into robots and just doing what we’re told? Thankfully, most of us are still questioning the answers. Four in five users worry about getting outdated or inaccurate info, and nearly 70% aren’t sure the advice fits their personal situation.

That’s a lot of uncertainty for something designed to simplify our lives. So, whether you’re already using AI to manage your finances or just exploring the idea, there’s no denying its potential as a powerful information tool and it’s evolving faster than ever. But for now, when it comes to safeguarding our ‘Family Fortune’, we’d rather trust the experience, empathy, and integrity of a real professional who genuinely has our best interests at heart.

This blog is intended as an informative piece and should not be construed as advice.

If you have any further questions, please don’t hesitate to get in touch with us on 0161 383 3335, using the form below or by reaching out to your usual Equilibrium contact.

(1) Lloyds Banking Group’s Consumer Digital Index 2025