Annual research has revealed that Brits have become far more open to using ChatGPT for financial advice than they were 1 year ago, according to personal finance comparison site finder.com.
Following the recent explosion of AI software which is increasingly being incorporated into our day-to-day lives, Finder asked the public for their thoughts on using ChatGPT to help with managing their finances.
When asked about using ChatGPT for financial advice, more than a third of Brits (35%) said that they would consider using it, or already have used it, for this purpose. This has increased significantly from last year, when just over a quarter of Brits (27%) said they would be open to using, or already had used, ChatGPT for financial advice. This represents an estimated increase of over 4 million, from around 14 million people in 2023 to approximately 18.6 million people in 2024.
Brits are increasingly divided on the topic of ChatGPT
Although more people are now open to using ChatGPT for financial advice compared to last year, the number of people against using it for this purpose has also risen. Last year, more than a third (35%) of Brits said that they wouldn’t consider using ChatGPT for financial advice. However, a year on, this number has risen even further to reach just over 2 in 5 Brits (43%).
Perhaps unsurprisingly, the number of Brits who don’t know what ChatGPT is at all has decreased considerably over the last year. In 2023, almost 2 in 5 Brits (38%) said they did not know what ChatGPT was, yet in 2024, this number has dropped to just over 1 in 5 Brits (22%).
To see the research in full visit: https://www.finder.com/uk/share-trading/free-stocks-shares-uk#research
Commenting on the findings, George Sweeney (DipFA) investing expert at personal finance site finder.com, said:
“Incorporating AI into our everyday lives has become a hot topic over the last few years. Whilst many hail the potential for increased productivity and efficiency, there are also those who worry that some aspects of our lives could be threatened by the over-adoption of this software. The results of our research show just how clear the divide is between these two parties.
More than a third of Brits are now happy to use ChatGPT for financial advice, but the question remains, should they? Whilst previous research from Finder demonstrated that a hypothetical fund created by ChatGPT managed to outperform 10 of the most popular funds in the UK, we shouldn’t get ahead of ourselves, especially when it comes to our finances. It might seem like an exciting prospect to receive quick and free financial advice from ChatGPT, but we would always recommend that an individual should conduct their own research or consult a qualified advisor before making any important, long-term decisions with their money.”