25 Aug 2023 Arjun Agarwal
AI Steps Into Investing, As One Third Of US Investors Are Keen On Listening To AI
A recent poll by the Certified Financial Planner Board found that 31% of investors were okay with following financial advice from AI without independently validating the material. According to a recent survey, about one in three American investors would be willing to take financial advice given by AI without first checking it with another source.
The results of a study that polled over 1,100 persons in early July were revealed by the Certified Financial Planner Board of Standards on August 22.
Only 31% of the respondents reported having actually gotten financial planning guidance from AI, but 80% of those who did reported some level of pleasure. Compared to respondents under the age of 45, older respondents were more likely to say they were happy with the experience.
Regardless of whether they had tried it or not, roughly a third of all survey participants said they would feel safe following advice without first checking it.
Prior to the recent influx of AI chatbots like Google's Bard and OpenAI's ChatGPT, it had been reported that more investors were starting to turn to social media, friends, and influencers for investment advice.
Intriguingly, the most recent survey indicated that generative AI tools have outperformed social media across all age groups, with investors polled reporting that they feel relatively more at ease utilizing AI financial advice without confirming the content, compared to social media.
Source: CFP Board
However, according to the CFP Board, investors of all ages said they felt more at ease with financial advice obtained from social media and AI if it had been vetted by a financial advisor.
Only 52% of respondents, according to the results, expressed interest in future AI-generated financial guidance.
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