While artificial intelligence is increasingly integrated into daily life, American adults remain cautious about letting algorithms manage their wallets. A new Gallup survey, conducted in partnership with financial services firm Edward Jones, reveals that 1 in 5 Americans who sought financial advice in the past year turned to AI tools.
The Trust vs. Usage Gap
The poll highlights a disconnect between perceived reliability and actual behavior. Approximately 8 in 10 U.S. adults express confidence in professional financial advisers, yet only about one-third of those seeking guidance actually hired one. Instead, a dominant 73% preferred conducting their own internet research.
When it comes to AI, the skepticism is palpable. Only 3 in 10 adults have "a great deal" or "some" confidence in AI’s expertise for money management, with a mere 3% trusting it fully.
Generational Trends and Affordability
Demographics play a crucial role in how financial advice is consumed. Younger generations are more likely to embrace AI, likely due to the lower cost compared to professional services. About 25% of Gen Z and Millennials used AI for advice, whereas only 7% of Baby Boomers did the same. Conversely, 55% of Boomers relied on professional advisers, compared to just 14% of Gen Z.
"I would encourage people to use AI to explain and define," said Taha Choukhmane, associate professor at MIT’s Sloan School of Management. "Using AI to explain these concepts can be very useful because it can empower people."
The Question of Fiduciary Duty
Financial experts emphasize a critical legal distinction: AI tools are not fiduciaries. Certified financial planners are legally obligated to act in their clients' best interests, a responsibility that does not apply to software. Bobbi Rebell, founder of Financial Wellness Strategies, notes that AI "doesn’t really know your life" and cannot ask the nuanced questions necessary for personalized planning.
