The survey, conducted in partnership with financial services firm Edward Jones among U.S. adults age 21 and older, found that about 1 in 5 respondents who sought financial advice during the previous year had used AI. Yet only about 3 in 10 respondents overall said they had “a great deal” or “some” confidence in AI’s expertise for managing money. Just 3% expressed “a great deal” of confidence.

The findings point to a gap between the growing use of AI for financial information and the level of trust users place in the technology. About 8 in 10 respondents said they had at least some confidence in professional financial advisers, but only about one-third of those who sought financial guidance actually consulted one.

Internet research remained the most common source of financial guidance, with 73% of respondents who sought advice saying they relied on online information.

AI Use Is Strongest Among Younger Users

The survey found significant differences in AI use across age groups.

About one-quarter of Gen Z and millennial respondents who sought financial advice during the previous year said they had used AI. That compared with 16% of Gen X respondents and 7% of baby boomers.

The pattern was reversed for professional financial advisers. Among respondents who sought financial guidance, 14% of Gen Z adults and 21% of millennials consulted an adviser, compared with 34% of Gen X adults and 55% of baby boomers.

Cost may help explain some of the difference. Online research, conversations with relatives and AI tools can provide financial information at little or no direct cost, while professional advice can involve a larger financial commitment.

Respondents also reported using a range of other sources. About 35% sought guidance from a parent, sibling or another relative, while 26% turned to news, media or social media. Roughly 2 in 10 consulted a friend or an author, speaker or influencer.

Smaller shares relied on employers, retirement plan providers, robo-advisers, teachers or professors.

Experts Recommend Verifying AI Financial Information

Taha Choukhmane, an associate professor at MIT’s Sloan School of Management, said AI can be useful for explaining financial concepts when users are beginning to research a subject.

He said people could use AI to learn about concepts such as stocks, mutual funds and index funds before comparing that information with guidance from other sources.

Choukhmane also recommended asking AI systems for references that users can independently verify. Because AI responses can vary depending on the prompts provided, similar financial questions may produce different answers.

The survey comes as AI tools become increasingly common in everyday information searches. However, the relatively low level of confidence in AI for financial decisions suggests that greater use has not yet translated into widespread trust.

AI Education Differs From Personalized Financial Advice

The findings also highlight a distinction between using AI to learn about financial subjects and relying on it for personalized financial decisions.

Certified financial planners have legal responsibilities when providing advice to clients, while AI systems do not have the same fiduciary obligations.

Bobbi Rebell, a certified financial planner and founder of Financial Wellness Strategies, said AI cannot fully account for an individual’s circumstances because it does not know a person’s complete financial situation or necessarily ask the questions a professional adviser would consider.

For users, that makes AI more suitable as a research and educational resource than as a direct replacement for professional financial advice, based on the concerns raised by the financial professionals cited in the report.

The Gallup findings show that users, particularly younger adults, are increasingly incorporating AI into their search for financial information even as confidence in the technology remains considerably lower than confidence in professional financial advisers.

This report is based on reporting by The Associated Press.

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