Survey Reveals 1 in 3 US Investors Open to Unverified AI Financial Advice
Summary:
Around 1 in 3 US investors are willing to rely on AI-generated financial advice without verification, according to a recent survey by the Certified Financial Planner Board of Standards. The survey also revealed that 80% of respondents were satisfied with AI advice, with older individuals showing higher satisfaction rates. However, one-third of all respondents indicated they would be comfortable taking financial advice without verification. The survey highlighted the growing preference for AI tools over social media for financial advice.
Approximately 33% of investors in the United States are open to following AI-generated financial advice without verifying it with another source, according to a recent survey conducted by the Certified Financial Planner Board of Standards. The survey, which polled over 1,100 adults in early July, revealed that only 31% of respondents had actually received financial planning advice from AI, but 80% expressed satisfaction with the experience. Interestingly, older respondents were more satisfied compared to those under 45 years of age. Surprisingly, nearly one-third of all surveyed respondents, regardless of whether they had tried it or not, indicated they would be comfortable taking advice without verification. Prior to the rise of AI chatbots like OpenAI's ChatGPT and Google's Bard, investors were increasingly relying on friends, influencers, and social media for investment advice. However, the recent survey found that generative AI tools have surpassed social media in terms of trust, with more investors feeling comfortable using AI financial advice without verification compared to social media. While 26% cited comfort in using unverified financial advice from social media, 31% expressed the same level of comfort with generative AI tools. The CFP Board emphasized that investors of all ages would be more comfortable with AI-generated and social media-derived financial advice if it was verified by a financial advisor. Notably, only 52% of respondents expressed an interest in receiving AI-generated financial advice in the future, according to the survey.
Published At
8/25/2023 6:32:36 AM
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