About 1 in 5 Americans who sought financial advice in the past year turned to AI, according to a new Gallup survey conducted with Edward Jones, a financial services firm. However, only 3% of U.S. adults trust AI "a great deal" with their money, and just 30% overall have confidence in its financial expertise.

Why Are Americans Using AI for Financial Decisions Despite Low Trust?

The disconnect between usage and trust reveals a practical reality: cost and accessibility matter more than confidence. The survey found that 73% of Americans who sought financial advice relied on their own internet research, while only one-third turned to a professional financial adviser. Younger generations are driving AI adoption in finance, with about 25% of Gen Z and millennial adults who looked for financial advice using AI, compared to just 7% of baby boomers.

Affordability is a key factor. Hiring a professional financial adviser requires a significant financial commitment, while using AI, conducting online research, or asking family and friends costs little to nothing. This explains why younger adults, who often have less disposable income, gravitate toward free AI tools despite their limitations.

What Are the Risks of Relying on AI for Financial Guidance?

Financial experts emphasize a critical distinction: AI tools lack legal accountability. Unlike certified financial planners, who have a fiduciary responsibility to provide suitable advice tailored to a client's specific situation, AI systems have no such obligation.

"Fiduciary responsibility is very real. There's no AI that is a fiduciary. It doesn't really know your life; it's not asking you all the questions," said Bobbi Rebell, certified financial planner and founder of Financial Wellness Strategies.

Bobbi Rebell, Certified Financial Planner and Founder of Financial Wellness Strategies

Another concern is consistency. Since AI generates responses based on how questions are phrased, the same financial question asked in different ways can produce different answers. This variability makes it risky to rely on AI as a sole source of guidance for complex financial decisions.

How to Use AI Responsibly for Financial Learning

• Use AI as a Starting Point: Leverage AI to learn and define basic financial concepts, such as the difference between mutual funds and index funds, or how the stock market works. This foundational knowledge can empower you to make more informed decisions.
• Cross-Reference with Trusted Sources: After receiving AI-generated information, verify it against established financial resources, news outlets, and official documentation. Ask AI to provide references to trusted sources so you can validate the information independently.
• Combine Multiple Guidance Methods: Don't rely on AI alone. Integrate AI research with advice from professional financial advisers, family members, or reputable financial media to build a more complete picture of your financial situation.

"I would encourage people to use AI to explain and define. If you're interested in knowing what the stock market is, what the difference between a mutual fund and an index fund is, using AI to explain these concepts can be very useful because it can empower people to get the most out of these methods," explained Taha Choukhmane, associate professor at MIT's Sloan School of Management.

Taha Choukhmane, Associate Professor at MIT's Sloan School of Management

What Other Sources Do Americans Trust for Financial Advice?

The survey revealed a diverse landscape of financial guidance sources beyond AI. About 8 in 10 U.S. adults have at least "some" confidence in professional financial advisers, making them the most trusted resource. However, actual usage tells a different story.

Americans also turn to family and friends, with 35% of those seeking financial advice consulting a parent, sibling, or relative. About 26% gathered information from news, media, or social media. Fewer relied on robo-advisors, employers, retirement plan providers, teachers, or professors.

The generational divide is pronounced. While 55% of baby boomers who sought financial advice consulted a professional financial adviser, only 14% of Gen Z adults did so. This gap underscores how cost barriers and digital-native preferences are reshaping how younger Americans approach financial decision-making.

As AI tools like ChatGPT become more accessible and sophisticated, the survey suggests that Americans will continue using them for financial guidance. However, experts stress that treating AI as a supplementary learning tool rather than a substitute for professional advice is essential. The responsibility for financial decisions ultimately rests with the individual, not the AI system providing the information.