Britons turn to AI for finance advice as much as parents

Capital One UK has found that Britons are now as likely to ask an artificial intelligence tool for personal finance help as they are to ask their parents. The finding comes from a survey of 2,000 UK adults.

The research showed that 13% of respondents had asked an AI tool for personal finance information or advice in the past year, matching the share who had consulted their parents over the same period.

That put AI ahead of several other day-to-day sources of financial help. Some 12% had turned to friends, while 9% used social media and another 9% looked to newspapers or magazines. Wider family members ranked lower, at 7%.

Over a lifetime, however, parents remained the biggest source of financial learning. The survey found that 37% of people said their parents had taught them the most about personal finance, ahead of banks and financial institutions at 31% and search engines at 19%.

Millennials showed the strongest uptake of AI. Among that group, 22% said they had used an AI tool for personal finance help in the past year, compared with 15% of Gen Z, 11% of Gen X and 4% of Baby Boomers.

For Millennials, AI also edged ahead of parental advice over the past year. While 22% said they had used AI for financial help, 20% said they had turned to their parents.

Capital One UK also found that 9% of Millennials cited AI as one of their main sources of lifelong learning about personal finance, suggesting the technology is becoming part of how some consumers build financial knowledge rather than simply use it for occasional queries.

Range of uses

People who used AI for financial matters described a mix of practical and educational tasks. Half said they had used it for general advice, while 43% used it to compare or research financial products, and the same share used it to explain financial topics or terms.

Another 37% said they had asked AI for information about financial products, while 33% had used it to ask questions about their current financial situation.

The data also suggested frequent use among some respondents. More than a quarter of those using AI for financial help, 26%, said they used it at least once a day.

Accuracy questions

The findings also pointed to uncertainty over reliability. While 51% of AI users said they had not received incorrect financial information or advice from an AI tool, 28% said they had and 21% said they could not be sure.

That split suggests adoption has moved ahead even as confidence in the quality of responses remains mixed. It also reflects a wider debate over whether generative AI tools can be trusted in areas where mistakes can carry financial consequences.

Separate research cited by Capital One UK from the Financial Conduct Authority's Mills Review found that only around 28% of AI users strongly trust AI tools to provide accurate information, while 21% trust them to handle personal information responsibly.

Ben Woodward, AI Strategy Lead, Capital One UK, said: "Our findings show that, in a relatively short period of time, AI tools have become a go-to source of financial information for many people. It's interesting to see Millennials in particular leading the charge, perhaps because of the complex financial questions they're navigating at this stage in their lives - whether that's taking out a mortgage for the first time, juggling the financial demands of a family, or planning for retirement."

He added that the way users phrase questions can affect the answers they receive.

"Much like a search engine, the quality of what you get back depends on how you ask. Asking a vague question like 'how should I manage my money?' will produce a generic answer. Instead, asking something specific like 'what's the best way to build my credit score with a credit card?' is more likely to give you something useful."

Woodward also warned users to check responses against established sources. "However, it's important to remember that AI can produce responses that sound authoritative but aren't completely accurate - sometimes called 'hallucinations'. So, whatever you ask, always verify the AI response with a trusted source, like your bank or credit card provider."