Overview
- A Lloyds-commissioned survey of 5,000 adults reports that 56%—about 28.8 million people—used generative AI for financial decisions in the past year.
- One in three adults use these tools at least weekly, and users estimate average annual savings of £399 from AI-generated recommendations.
- People most often seek help with savings goals (53%), budgeting (52%) and financial education (51%), and ChatGPT is the most-used platform, cited by six in ten respondents.
- Trust concerns remain high, with 80% worried about inaccurate or outdated information, 83% about data privacy, and 69% about insufficient personalisation.
- Advice from these platforms is not covered by the Financial Ombudsman Service or FSCS, as the FCA considers website guidance and firms prepare for targeted-support rules expected in late 2026.