Over 70% of UK investors think ChatGPT will give accurate financial advice in the future

A wealth of noteworthy discoveries has shed light on the changing landscape of UK investors, with a particular trend capturing attention: a growing inclination towards Artificial Intelligence (AI) as a trusted ‘advisor.’ 

This shift reflects an increasing reliance on AI-powered tools and technologies to assist investors in making well-informed decisions about their investments, according to a recent publication by the Investor Index on June 23, which was shared with Finbold.

A comprehensive study by London-based communications agency AML Group and the research and planning experts, The Nursery, examined the behaviors of 1,100 UK investors aged 18 or older, with a minimum investment of £10,000 ($12,722), revealed intriguing insights. It showed that 73% of UK investors believe that ChatGPT could provide reliable financial advice in the future. Additionally, 42% of younger investors (aged 18-34) acknowledged having already sought advice from the renowned AI chatbot.

While it may not be surprising to see early adoption among younger investors, the research also revealed that over half (54%) of UK investors aged 65 and above see ChatGPT as a potential future for financial advice.

Robo-advisors gain popularity 

In addition to ChatGPT, robo-advisors are gaining popularity among UK investors for making financial decisions. Notably, 46% of respondents identified them as the future of investing, and 34% expressed a preference for robo-advisors over human financial advisors.

Commenting on the findings, Sarah Nunneley, Senior Strategist at AML Group, stated: 

“While ChatGPT is currently not regulated, its perceived promise as a source of advice in the future across age groups is remarkable. This is most significant among younger investors – but you would be amiss to dismiss this group as ‘just kids’, this can be people in their late 30s and 40s, with money to invest and confidence in their choices. 

She added: 

“The ‘new’ generation of investor is already here, and they are looking at what is on offer, weighing up their options, and it seems Robo-advice and AI are coming up on top. ”

Finbold has also observed a similar trend in the realm of cryptocurrencies and stocks, where investors are increasingly relying on AI-powered tools such as ChatGPT, Google Bard, and machine learning algorithms to assess and predict the future price dynamics of digital assets and shares.