Nearly half of consumers globally are now leveraging artificial intelligence (AI) to enhance their savings and investment decisions, according to a report from EY, a leading professional services firm. These findings indicate a notable transformation in consumer engagement with financial services.
The second EY Global AI Sentiment Survey, which surveyed over 18,000 individuals across 23 countries, revealed that 49% of participants had utilized AI for their financial decision-making in the last six months. Additionally, 50% of respondents expressed confidence in AI’s ability to identify and combat financial fraud, while 18% had employed it to protect their personal financial information. Furthermore, 21% reported using AI for financial product recommendations, and 18% incorporated it into budgeting and trading assistance.
Respondents demonstrated an increasing interest in AI for financial decision-making, extending beyond routine tasks. Over one-third, specifically 37%, indicated they would find personalized financial advice based on their data highly beneficial, and a similar percentage showed interest in automating financial claims and decisions. During the same six-month period, 14% allowed AI to help choose financial service providers, while 11% permitted AI to manage their finances with minimal human intervention.
The survey’s demographic breakdown highlighted significant differences in AI usage among various age groups. Gen Z respondents, aged 14 to 29, exhibited the highest adoption rate at 68%, with millennials, aged 30 to 45, closely following at 65%.
In specific, high-stakes scenarios, millennials led the way, with 43% seeking AI support for financial advice, 41% utilizing it for claims automation, and 37% for fraud detection. In contrast, Gen Z respondents reported lower figures for these categories, at 14%, 14%, and 12%, respectively.
Gen X participants, aged 46 to 61, reflected a usage rate of 27% across all three areas, while baby boomers, aged 62 to 80, recorded figures of 22%, 17%, and 15% respectively.
Educational background and employment status were also influential in shaping consumer attitudes toward AI. Approximately half of consumers with a university degree rated AI as very or extremely helpful in fraud detection, financial guidance, and claims automation, compared to around 25% of those with only a secondary school diploma.
Omar Ali, EY Global Financial Services Leader, stated, “It is clear that Gen AI has progressed well beyond the experimental stage, as evidenced by consumers’ increasing reliance on the technology for financial decision-making and safeguarding their savings. As familiarity with AI for everyday financial advice expands, there is a likely shift towards using it for more complex decision-making.”
Ali further emphasized the emerging opportunities for banks, insurers, and asset managers to attract new clientele by engaging consumers through AI. “As AI facilitates broader access to financial services, ensuring that governance, compliance, and accountability develop alongside this technology is vital to maintaining trust and integrity in the sector,” he noted.
Preetham Peddanagari, EY Global Financial Services AI Co-Leader, remarked, “While consumers are becoming increasingly at ease with AI for financial guidance, trust will be the key factor influencing the pace of adoption. Financial institutions need to prioritize robust frameworks around AI-driven decisions to foster transparency and accountability, thereby translating consumer interest into sustained confidence.”