The Impact of AI on Financial Decision-Making Among UK Savers

STRAT7, a leading technology-enabled strategy and analytics group, has released a significant study revealing the transformative role of artificial intelligence (AI) in the financial decision-making processes of UK adults. The research sheds light on the growing trend of using AI for financial guidance, especially in investment and money management.

Average Investment Amounts Driven by AI

The study reports that the average investment amount among UK adults utilizing AI-derived advice stands at £2,354.60. Interestingly, while younger generations demonstrate a higher propensity to use AI platforms, older individuals are likely to invest larger sums.

Generational Insights on AI Investments

Specifically, Generation Z respondents reported average AI-focused investments of £2,190.50, compared to Millennials who averaged £2,202.80. This trend showcases a notable shift in how different age groups approach investing, influenced significantly by AI technologies.

Prevalence of AI in Financial Advice

According to the findings, 55% of UK adults currently engage with AI platforms like ChatGPT, Perplexity, and Google Gemini for financial advice at least occasionally. Usage rates are particularly striking among younger individuals: 81% of Gen Z and 80% of Millennials utilize these AI tools for financial decisions.

AI as a Budgeting Tool

Beyond investments, AI is increasingly employed as a budgeting resource. Over one-third (36%) of those who use AI for financial advice turn to these platforms for budget management assistance, with one in ten identifying AI as their primary source for financial advice.

Traditional Sources Still Dominate

Despite the rise of AI, traditional resources remain dominant in the financial guidance landscape. Bank websites are the leading source, utilized by 81% of respondents, followed closely by family members (76%) and Money Saving Expert (75%). Social media platforms lag behind, drawing only 40% of individuals for financial purposes.

Satisfaction Levels Across Financial Advice Sources

Additionally, the study reveals that satisfaction levels are highest for traditional resources—78% of users express contentment with the advice received from bank websites and Money Saving Expert. In contrast, AI-based investment advice garners a satisfaction rate of 67%, with social media advice slightly lower at 65%.

Looking Ahead: The Future of AI in Financial Services

Sue van Meeteren, co-founder of STRAT7 Jigsaw, emphasizes, “The financial services industry cannot underestimate the influence of generative AI on advice and guidance, particularly for younger investors. As traditional avenues like homeownership become less attainable, alternative investment channels gain significance. If traditional financial service brands do not adapt, they risk losing relevancy with this demographic.”

Van Meeteren concludes, “Financial institutions must remember that while emerging channels captivate younger audiences, traditional channels continue to be relevant across all age groups. Tailored, personalized education and support are essential for enabling individuals to make informed financial and investment decisions aligned with their unique situations.”

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