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Creating a solid financial strategy requires a diverse array of resources, ranging from personalized human advice to sophisticated technology. Among these, artificial intelligence is increasingly being adopted by various individuals to enhance their financial management.
According to a recent survey of 1,009 U.S. adults by Empower, nearly half of Americans (47%) report feeling “more at ease” utilizing artificial intelligence for their finances compared to the previous year. While over 60% of participants (62%) indicated that human financial advice remains “more significant” than AI, a comparable portion (61%) expressed willingness to use AI alongside human financial advisors.
The findings from Empower align with other studies carried out by various organizations. Research done last year by Experian indicated that 47% of consumers have used or are considering generative AI-driven tools for managing their personal finances.
Younger demographics appear particularly receptive to AI. In the Experian study, two-thirds of Gen Z and 62% of millennials reported utilizing this technology to handle their personal finances.
GOBankingRates analyzed both studies to better understand how a growing number of Americans are integrating AI into their financial planning.
What Are Consumers Utilizing AI For Specifically?
The application of AI in personal finance extends beyond merely budgeting or expense tracking. The Empower survey identified the following nine areas where respondents expressed comfort in using AI for financial decision-making:
- Budget and expense tracking: 49% of respondents
- Retirement planning: 43%
- Everyday spending and recommendations: 40%
- Debt repayment strategies: 38%
- Tax planning and filing: 33%
- Mortgage options and home buying: 31%
- Investment portfolio management: 31%
- Insurance coverage selection: 28%
- College savings plans: 20%
Over half of the respondents indicated they would apply AI in additional finance-related aspects, such as tracking financial news (61% of respondents), researching new financial products (60%), and assisting in stock selection (52%).
Reasons Behind Investing in AI Stocks
While only a small fraction (13%) of respondents in the Empower survey reported being invested in AI-related stocks, over one-third (37%) expressed interest. The leading motivations for investing in AI include:
- Long-term financial growth: 66% of respondents
- Technology investments: 48%
- Keeping up with market trends: 44%
- Portfolio diversification: 41%
The Experian study found that consumers deemed generative AI particularly advantageous in the following financial domains:
- Saving and budgeting: 60%
- Investment planning: 48%
- Improving their credit score: 48%
