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.
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.
