STRAT7<\/a>, the global tech-enabled strategy, insights and analytics group, examining the financial and investment habits of 1,000 UK adults.<\/p>\nIt found that one in ten (10%) of those who use AI for financial guidance say that they go to AI platforms first for financial advice, and that more than a third (36%) use it for advice on how to better manage their budgets.<\/p>\n
Sue van Meeteren, co-founder of STRAT7 Jigsaw, comments \u201cThe financial services industry can\u2019t underestimate the impact of generative AI as a tool for advice and guidance, especially for younger savers and investors.<\/p>\n
\u201cIf traditional investments like home ownership are seen as out of reach for younger people, control over other investing channels will become more important than ever. It\u2019s no surprise that people are looking to AI for low-cost advice, and traditional FS brands need to take note if they don\u2019t wish to become sidelined by this audience.\u201d<\/p>\n
However, the survey also highlighted that while this scenario is a longer-term risk, financial services businesses now have a clear opportunity to position their existing platforms as educational hubs.<\/p>\n
The top three most influential sources of financial guidance overall are:<\/p>\n
Banks\u2019 websites (used by 81% of respondents)Family members (76%)Money Saving Expert (75%)<\/p>\n
By comparison, only 40% say they use social media for financial guidance, with two of the oldest platforms, YouTube and Facebook, scoring highest.<\/p>\n
Even younger audiences aren\u2019t automatically going to social media for the answers to their financial questions: only 50% of Gen Z and 46% of Millennials look to those channels, compared to 87%\/89% of those age groups who go to banks\u2019 websites and 83%\/85% who ask family members. Plus, 81% of both groups use Money Saving Expert for advice.<\/p>\n
Van Meeteren adds \u201cThe research highlights that people are seeking three core elements in their financial advice: self-service tools such as bank websites; emotional trust and advice based on lived experience, which they get from family members; and high quality, objective guidance in layman\u2019s terms \u2013 hence the appeal of Money Saving Expert.\u201d<\/p>\n
The study also noted that Money Saving Expert and banks\u2019 websites were the financial sources that left users feeling most satisfied with the outcome \u2013 more than three-quarters (78% for both) of customers were satisfied with the advice they received.<\/p>\n
On the other hand, only two-thirds (67%) were satisfied with the investment advice they received from AI sources \u2013 and a similar 65% were happy with the advice they received from social media.<\/p>\n
Van Meeteren concludes \u201cFinancial firms and banks should not assume that emerging channels are the only way to capture the attention of younger audiences, because the traditional channels are clearly alive and well with customers of all ages.<\/p>\n
\u201cWhat people need most is tailored, personalised education and guidance to ensure that they\u2019re making the best possible financial and investment decisions, no matter their circumstances. They want to know what\u2019s in it for them.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"LONDON, UK \u2013 New research has revealed that the average amount UK adults have invested on the back…\n","protected":false},"author":2,"featured_media":319311,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[84,4176,4174,4175,56,54,55],"class_list":{"0":"post-319310","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-finance","10":"tag-personal-finance","11":"tag-personalfinance","12":"tag-uk","13":"tag-united-kingdom","14":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/319310","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=319310"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/319310\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/319311"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=319310"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=319310"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=319310"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}