A new report by the FINRA Investor Education Foundation compares consumer trust in financial advice from artificial intelligence (AI) and traditional financial professionals across various financial topics. The study reveals insights on trust levels and preferences among U.S. adults, highlighting the impact of AI on financial decision-making.
FINRA Foundation Report on Consumer Trust in Financial Professionals vs. AI
The FINRA Investor Education Foundation has published a report titled “The machines are coming (with personal finance information). Do we trust them?” examining consumer trust in financial advice from artificial intelligence (AI) compared to traditional financial professionals.
The study involved over 1,000 U.S. adults assessing their trust in AI versus financial professionals regarding four financial topics: homeownership, stock and bond performance, portfolio allocation, and savings and debt.
Key Findings:
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Reliance on AI: Only 5% of respondents used AI for financial advice, while 63% consulted financial professionals, and 56% sought advice from friends and family.
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Homeownership: Most respondents trusted homeownership information regardless of the source. However, financial professionals were more trusted than AI.
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Stock and Bond Performance: Around one-third trusted the information, whether from AI (34%) or a financial professional (33%). White men and those with higher self-assessed financial knowledge showed more trust in AI.
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Portfolio Allocation: 37% trusted information from financial professionals versus 30% from AI.
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Savings and Debt: Respondents generally trusted the information from both sources, but 69% of Black respondents trusted financial professionals compared to 48% for AI.
The report highlights the importance of understanding consumer interaction with AI to better support financial decision-making.
About FINRA:
FINRA is a not-for-profit organization under the SEC that regulates U.S. brokerage firms. It provides education, enforces compliance, and offers dispute resolution services.
For more information on FINRA Foundation’s research and initiatives, visit their official website.
