Majority of Traders Rely on ChatGPT for Financial Guidance

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According to the latest annual Investor Index study in the UK, a new trend of dependence on Artificial Intelligence (AI) for financial advice is emerging. The survey highlights that 73% of UK investors trust AI chatbot ChatGPT to provide reliable financial guidance in the future. ChatGPT is a global phenomenon with 100 million users and over 1.8 billion website visits monthly. The study shows that not only do younger investors rely on ChatGPT, but also those aged 65 and above are beginning to trust the chatbot for future financial advice.

The Senior Strategist at AML Group, Sarah Nunneley, notes that it is remarkable that ChatGPT is considered a future financial advisor across all age groups. The data published by eToro, a social trading platform, in April, shows that the older generation is also interested in AI.

The study points out that self-reliance of investors in financial matters has significantly increased, with 54% of investors depending more on their own research. The cost of living crisis has taught investors to navigate investment independently, with 79% of younger investors adopting an autonomous approach. The conclusions drawn from the study oppose another survey conducted by Cyprus’ financial markets regulator, CySEC, which found that one in three retail investors already relies on financial influencers known as ‘finfluencers’.

Interestingly, the focus on investments’ ethical, environmental, and social impact has dwindled compared to last year. Now, only about a third of UK investors see ESG investments as crucial. In terms of demographic distribution, those aged 65 and over are least focused on ethical investing.

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The impact of AI on investment advice, the cost of living crisis, and shifting investment priorities are significant trends in UK investors’ behavior. AI’s role, particularly ChatGPT, seems set to redefine the future of investment strategies.

The Index is a comprehensive survey of investor behavior that is a joint effort by AML Group, a London-based communications agency, and The Nursery, a team of research and planning experts.

Frequently Asked Questions (FAQs) Related to the Above News

What is the Investor Index study?

The Investor Index study is an annual survey conducted by AML Group and The Nursery that explores UK investor behaviour and trends.

What percentage of UK investors trust ChatGPT for financial advice?

According to the survey, 73% of UK investors trust ChatGPT for reliable financial guidance in the future.

How many users does ChatGPT have?

ChatGPT has 100 million users and over 1.8 billion website visits monthly.

What age groups trust ChatGPT for future financial advice?

Both younger investors and those aged 65 and above are beginning to trust ChatGPT for future financial advice.

How has the cost of living crisis impacted investor behaviour?

The cost of living crisis has taught investors to navigate investment independently, with 79% of younger investors adopting an autonomous approach to investing.

What percentage of investors depend more on their own research in financial matters?

The study shows that 54% of investors depend more on their own research in financial matters.

What are 'finfluencers'?

'Finfluencers' are financial influencers who provide financial advice and guidance to retail investors.

What is the focus on ethical, environmental, and social impact investments among UK investors?

The focus on ethical, environmental, and social impact investments among UK investors has dwindled compared to last year, with only about a third of investors seeing ESG investments as crucial.

What is the impact of AI on investment advice?

The impact of AI on investment advice, particularly ChatGPT, is significant and seems set to redefine the future of investment strategies.

Please note that the FAQs provided on this page are based on the news article published. While we strive to provide accurate and up-to-date information, it is always recommended to consult relevant authorities or professionals before making any decisions or taking action based on the FAQs or the news article.

Aniket Patel
Aniket Patel
Aniket is a skilled writer at ChatGPT Global News, contributing to the ChatGPT News category. With a passion for exploring the diverse applications of ChatGPT, Aniket brings informative and engaging content to our readers. His articles cover a wide range of topics, showcasing the versatility and impact of ChatGPT in various domains.

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