A recent survey found that about one in three U.S. investors would be willing to follow AI-generated financial advice without verifying it with another source.
August 22, Certified Financial Planner Standards Board liberated Results of a poll of more than 1,100 adults conducted in early July.
Only 31% of respondents had actually received financial planning advice from an AI, and 80% reported some degree of satisfaction with the experience. Older respondents were more likely to be satisfied with the experience compared to those under the age of 45.
However, nearly a third of all survey respondents said they were reluctant to accept advice without checking it, whether they’ve tried it or not.
Before the wave of AI chatbots like OpenAI’s ChatGPT and Google’s Bard, it was noted that more investors were starting to rely on friends, influencers and social media for investment advice.
Interestingly, a recent study found that generative AI tools outperformed social media across all age groups, with surveyed investors saying they were more likely to use social media than social media without verifying their information. They say they feel relatively safer using AI financial advice.
But the CFP board argued that investors of all ages would feel more at ease if their AI-generated, social media-derived financial advice was verified by financial advisors.
Related: OpenAI responds slowly to customized AI services
However, the survey found that only 52% of respondents would like to receive AI-generated financial advice in the future.
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