Consumers increasingly rely on AI for financial decisions

About 49% of respondents have used AI to assist with savings and investment decisions.

More consumers are using artificial intelligence (AI) to manage their money, according to a global survey by Ernst & Young.

The report found that 49% of respondents have used AI to assist with savings and investment decisions. Meanwhile, 18% have relied on the technology to protect personal financial data, and half of those surveyed believe AI can help detect and prevent financial fraud.

Around 21% of respondents also reported using AI tools for financial product recommendations, whilst 18% use them for budgeting, managing household finances, and trading support.

Omar Ali, EY Global Financial Services Leader, said the findings show that generative AI has moved beyond experimentation and is becoming a practical tool for consumers. He noted that as familiarity grows, people are likely to trust AI with more complex financial decisions.

“An opportunity is opening up for banks, insurers, and wealth and asset managers to capture new market share and interact differently with their customers, as AI increasingly enables a growing number of consumers to engage with financial services and products,” he added.

About 37% of respondents said they would find AI “very” or “extremely” helpful in providing personalised recommendations based on their data and preferences, as well as automating financial processes such as claims and decision-making.

In more advanced use cases, 14% of respondents said they have allowed AI to select financial service providers on their behalf, whilst 11% reported letting AI manage their finances with minimal or no human involvement.

Preetham Peddanagari, EY Global Financial Services AI Co-Leader, emphasized that trust remains a key factor in adoption. “Financial services firms must earn that trust by putting strong guardrails around AI-driven decisions and demonstrating transparency and accountability.”

Despite overall growth, AI adoption differs significantly by age, education, and employment status. Younger consumers are leading the trend, with 68% of Gen Z respondents (ages 14–29) using AI for financial management, followed by 65% of millennials (ages 30–45).

Millennials are the most active users in higher-stakes applications, including financial advice (43%), fraud detection (37%), and claims automation (41%). Usage rates are lower among Gen Z, Gen X, and baby boomers in these areas.

The survey also found that higher education and full-time employment correlate with greater trust in AI. Around half of respondents with university degrees consider AI highly useful for fraud detection, financial advice, and claims automation. In contrast, confidence levels are significantly lower among those with only a high school education.

Similarly, 28% of full-time workers reported using AI for financial product recommendations, compared with 23% of students and just 7% of retirees.

Sameer Gupta, EY Global Financial Services AI co-leader, said the gap in adoption reflects differences in digital literacy and comfort with technology.

“Closing the gap across generations will require AI providers and financial institutions to segment by age; empowering and building trust with the less digitally-savvy, whilst catering to different younger generations who consume and process AI advice differently,” he said.