More than half of all adults in Britain are now using ChatGPT and other artificial intelligence platforms to make financial decisions, a study has revealed, highlighting how quickly AI is influencing everyday consumer behaviour, according to Times UK.
The research, commissioned by Lloyds Banking Group, found that financial advice is the most common reason for using AI, with 56 percent of users turning to the technology for money-related guidance. Other uses include help with emails and work documents (29 percent), recipes (20 percent), medical advice (17 percent), and career tips (14 percent). The 28.8 million adults relying on AI for financial decisions are not only seeking guidance on basic budgeting and savings but also on more complex matters such as pensions, investment choices, and tax planning.
The frequency of use is striking, with one in three adults consulting AI platforms at least once a week for financial advice. Jas Singh, chief executive for consumer relationships at Lloyds Banking Group, said: “AI is empowering millions to feel more confident about their financial decisions — but it’s vital they receive information they can trust.”
While regulated banks and investment firms are restricted in what advice they can give, AI platforms remain largely unregulated, raising concerns that consumers could receive inaccurate or harmful recommendations. The study noted that 80 percent of respondents were worried about inaccurate information and 83 percent expressed concern about data privacy. Despite these risks, users reported saving an average of £399 a year by following AI guidance.
ChatGPT, offered by OpenAI, emerged as the most popular platform, used by six out of ten respondents. Other AI tools include Google’s Gemini, Microsoft’s Copilot, and Meta AI integrated into Facebook and WhatsApp. Regulators, including the Financial Conduct Authority (FCA), are exploring ways to guide consumers on the safe use of generative AI, noting its potential to simplify complex financial concepts. However, human judgment remains essential, as AI advice is not protected under the Financial Ombudsman Service or the Financial Services Compensation Scheme.
The study also highlighted that AI could help address the long-standing “advice gap,” which leaves millions of people without affordable, tailored financial support. Analysts note that AI platforms can make precise recommendations — including on stocks and cryptocurrencies — in ways regulated firms cannot, potentially putting traditional institutions at a disadvantage as new FCA rules on “targeted support” come into effect in late 2026.
Times UK reports that while AI is proving useful, experts urge consumers to approach its guidance carefully, balancing technological convenience with critical judgment.
