It’s hard to go a day without hearing about AI, but how is it being used in the world of personal finance? We carried out some research to see how many people are using tools like ChatGPT and Gemini for personal finance, and what exactly they are using it for – from budgeting to saving to investing.
AI use in personal finance: Highlights
2 in 5 Brits (40%), an estimated 21.3 million people have used AI for personal finance advice.
Two-thirds (65%) of generation Z and three-fifths (61%) of millennials have used AI tools for personal finance.
Almost half (46%) of men have used AI for finance advice, compared with a third (33%) of women.
Top reasons for using AI in your personal finances include making a budget (19%), getting side hustle advice (18%) and understanding your credit score (17%).
1 in 6 Brits (16%) have used AI tools for investing advice and stock tips.
1 in 7 Brits (15%) have used AI tools for tips on cryptocurrency.
How many Brits use AI for financial advice?
According to research by Finder, 2 in 5 Brits (40%) have used a generative AI tool such as ChatGPT or Gemini for personal finance advice. That’s an estimated 21.3 million people in the UK. A further quarter of Brits (25%) haven’t used it yet but are considering doing so, meaning a total of 65% have either done it already or are open to the idea. However, more than a third of Brits (35%) are still opposed to using AI in this way.
No, I haven’t used it yet, but I would consider using it
24.85%
No, I haven’t used it, and I wouldn't consider using it
35.50%
How does personal finance AI usage vary by generation?
The younger generations are far more likely to use AI for managing their personal finances compared to the older generations.
Almost 2 in 3 members (65%) of generation Z, aged 18-28, have already used AI tools in this way, and only 18% say they definitely wouldn’t consider doing so.
Similarly, 3 in 5 millennials (61%), aged 29-44, have used a platform like ChatGPT to get some help with their personal finances, and only 21% are currently against doing so.
This declines significantly with the older age groups – 28% of generation X (aged 45-60), 14% of baby boomers (aged 61-79) and 13% of the silent generation have used AI for personal finance advice.
There’s also a difference between genders, with almost half of men (46%) having used AI for advice on finances, compared to a third (33%) of women.
What types of financial advice do people use AI for?
The most popular thing Brits are using AI for in personal finance is budgeting. 1 in 5 (19%) have already used it to make a personal budget, while another third (31%) would consider using it for this purpose.
Side hustles are becoming increasingly popular in the UK and this is reflected in how people are using AI. 18% of Brits have used AI tools to get tips or advice on managing on starting a side hustle, whether that’s selling items online, freelancing, tutoring or something else.
Brits have also been turning to AI for help with understanding their credit score, and tips on how to improve it, with 17% doing so. Close behind is help and advice with savings, which just under 17% of Brits also used AI tools for.
Interestingly, using AI for investing advice was also relatively popular. 16% of Brits have used it for stocks and shares tips or other investing advice, which may be a concern to some as such decisions come with risk and shouldn’t be taken lightly.
15% of Brits have used AI for tips or advice on cryptocurrency, which could be even more of a concern as it’s not currently regulated in the UK. While tools like ChatGPT used to reply that they can’t give financial advice, this no longer seems to be the case.
Slightly less popular areas of personal finance advice people are using AI for include help with tax returns (14%), pension advice (14%), debt management tips (14%) and mortgage advice (13%).
Sophie Barber is a senior content marketing manager for Finder in the UK. She has over 5 years experience in writing and publishing clear, concise and informative articles that help consumers make informed decisions.
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