AI Gaining Popularity Among Americans for Financial Administration, According to Survey Findings
Advance America, a leading state-licensed consumer lender in the U.S., has conducted a survey revealing a growing trust in AI-powered financial tools among Americans. The survey, conducted through a geographically representative online panel composed of double opt-in members, sheds light on the increasing role of AI in personal finance.
According to the survey, the average American is willing to entrust $20,441 to AI-powered financial tools. This trust is not limited to basic financial management, as 31% of respondents would let AI choose stocks for their portfolio, and 31% would let AI file their taxes.
In the realm of significant financial decisions, 26% of respondents would feel comfortable taking out a loan or mortgage based solely on AI's recommendation. Similarly, 28% would let AI plan their retirement, and 15% would permit AI to rebalance their 401(k).
However, Advance America emphasises that AI should complement, not replace, thoughtful financial planning. AI is not yet capable of fully understanding unique circumstances, goals, and risks. As Laura McCutcheon, VP of Marketing at Advance America, points out, AI can be useful for budgeting, comparison shopping, and exploring investment strategies.
Interestingly, the survey results show a higher willingness among small and medium-sized enterprises (SMEs) and e-commerce businesses to use AI-supported financing products, particularly those based on cloud services with messenger bots. This aligns with rising investments and adoption trends in such segments.
The survey participants were selected using a two-step process to ensure balanced representation by age, gender, and location. The results can be viewed on Advance America's website.
Advance America aims to help customers achieve financial stability through a variety of personal credit options. The company, which employs approximately 2,500 people and operates over 800 storefronts and online lending operations, stresses that AI should be seen as a co-pilot, not the captain, in financial decision-making.
Intriguingly, 27% of respondents would prefer AI over their partner when managing joint finances, and 17% of respondents would allow AI to make large financial moves without prior notification.
Regional differences in trust levels were also noted. Californians are willing to entrust an average of $26,788 to AI financial management, while Wyoming residents are willing to entrust only $3,571.
This survey underscores the growing acceptance of AI in financial decision-making and the potential for AI to revolutionise the financial industry. However, it also highlights the importance of careful consideration and balanced decision-making when entrusting AI with financial responsibilities.
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