Young men bet on AI for advice

YOUNG men between the ages of 18 and 34 are more likely to use AI to guide their financial decisions, compared to older generations and women.

- By Writers Namey

Costs and the complexity of traditional professional financial advice were given as reasons for the move to AI, according to wealth management company Handelsbanken.

Nearly half of the male respondents in the survey felt comfortable using AI tools, such as ChatGPT, to manage their investments, compared to 12% of older men. Less than one-in-five women felt comfortable trusting AI.

Stephen Cowling, acting head of wealth at Handelsbanken, said, “While we recognise that Al has the potential to simplify some of the details of financial planning, misleading information can have very damaging financial consequences.