Nearly half of consumers worldwide are now turning to artificial intelligence to inform their savings and investment choices, according to EY, a professional services firm, in findings that point to a significant shift in how people engage with financial services.
The second EY Global AI Sentiment Survey, which polled more than 18,000 people across 23 countries, found that 49% of respondents had used AI to support savings and investment decisions in the past six months. A further 50% said they believed the technology had the potential to detect and prevent financial fraud, while 18% had used it to safeguard their personal financial data. Some 21% reported using AI agents for financial product recommendations, with 18% applying the technology to budgeting, household finance management and trading support.
The survey also found growing appetite for AI-driven financial decision-making beyond basic tasks. More than a third of respondents globally (37%) said they would find it very or extremely helpful to receive personalised financial advice drawn from their own data and preferences, or to have claims and financial decisions automated on their behalf. Over the same six-month period, 14% said they had allowed AI to select financial services providers for them, while 11% had gone further, deferring to AI to manage their finances with minimal or no human involvement.
Demographic analysis within the survey revealed considerable variation in how different groups approach AI in financial contexts. Gen Z respondents, aged 14 to 29, recorded the highest overall adoption rate at 68%, closely followed by millennials, aged 30 to 45, at 65%.
However, millennials led on specific higher-stakes use cases, with 43% using AI for financial advice, 41% for claims automation and 37% for fraud detection. By comparison, Gen Z respondents recorded lower figures for the same categories, at 14%, 14% and 12% respectively.
Gen X respondents, aged 46 to 61, reported 27% usage across all three categories, while baby boomers, aged 62 to 80, stood at 22%, 17% and 15% respectively.
Education and employment status also proved significant factors, with around half of university-educated consumers rating AI as very or extremely helpful for fraud detection, financial advice and claims automation, compared with roughly a quarter of those whose highest qualification was secondary school.
EY Global Financial Services Leader Omar Ali said, “There is no doubt that Gen AI has moved firmly beyond the experimental phase, with a proof-point being consumers increasingly using the technology to guide their financial decision-making and protect their savings. As familiarity and use of AI for low-risk, everyday financial advice grows, openness to using it for more complex decision-making and a broader set of activities is the likely next step.
“An opportunity is opening up for banks, insurers, and wealth and asset managers to capture new market share and interact differently with their customers, as AI increasingly enables a growing number of consumers to engage with financial services and products. What is crucial at this juncture is that governance, compliance, and accountability frameworks keep pace with technological progress to help ensure trust and integrity is central to AI when it comes to financial services.”
EY Global Financial Services AI Co-Leader Preetham Peddanagari said, “Consumers are becoming more comfortable using AI for financial guidance, but it is trust that will determine how far and how fast adoption grows. Financial services firms must earn that trust by putting strong guardrails around AI-driven decisions and demonstrating transparency and accountability. The firms that get this right will be best placed to convert growing consumer interest into lasting confidence.”
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