According to a recent study by research firm, The Nursery and advertisement agency, AML Group, 73% of UK investors believe that ChatGPT has the capability to give reliable financial advice in the future. The Investor Index study also showed that 42% of younger investors (18-34 year-olds) are already using the AI chatbot for advice. ChatGPT presently has 100 million users with monthly website visits crossing 1.8 billion. The study found that even older investors are willing to trust ChatGPT as 54% of UK investors aged over 65 also believe that the program could be the future of financial advice.
While ChatGPT is currently not regulated, its perceived promise as a source of advice in the future across age groups is remarkable. This is most significant among younger investors but you would be amiss to dismiss this group as ‘just kids’, this can be people in their late 30s and 40s, with money to invest and confidence in their choices,” said Sarah Nunneley, senior strategist at AML Group.
The research demonstrated that over two-thirds of investors would opt for a robo-adviser over a financial adviser, with 34% preferring to use a robo-adviser. The new generation of young investors has already started exploring investment options and it appears that robo-advice and AI are a growing trend. According to Nunneley, “The ‘new’ generation of investor is already here and they are looking at what is on offer, weighing up their options and it seems robo-advice and AI are coming up on top.
The continuous advancements in technology and the increasing number of users is a clear indication of the future of investment advice. Although the study did not factor in the quality of advice provided by ChatGPT, it highlights the trust that investors have in the program and its potential to become the future of financial advice. However, it is essential that investors must be vigilant while investing their money and should not solely rely on AI programs.
