One in five Americans who sought financial advice in the past year used AI, but only about 3 in 10 U.S. adults overall said they had at least some confidence in its money-management expertise.
The survey found a gap between trust and behavior: about 8 in 10 adults expressed some confidence in financial advisers, yet only one-third of advice seekers used one, while 73% relied on internet research.
Younger adults were more likely to turn to AI—about a quarter of Gen Z and millennials who sought advice—while use fell to 16% for Gen X and 7% for baby boomers.
Professional advisers showed the reverse pattern, used by 14% of Gen Z and 21% of millennials seeking guidance, versus 34% of Gen X and 55% of boomers, with cost cited as a barrier for younger adults.
Financial experts said AI can help explain basic concepts and point users to sources, but it lacks fiduciary duty, leaving consumers responsible for decisions based on its advice.