More than half of UK adults have used artificial intelligence in the last year to help them manage their money – making personal finance the nation’s number one use of AI, according to research from Lloyds.
According to the latest Lloyds Consumer Digital Index - which saw the bank survey Brits online, over the phone, and in person - around 28.8 million UK adults have used AI in the past 12 months to help manage their money. Among them, ChatGPT is referenced as the most popular platform, used by six in 10.
More than a third of users say they engage with AI for investment research and recommendations, a quarter for debt management strategies, and almost four in 10 have turned to it for future financial planning, such as information on pensions.
About one in three people report using AI once a week or more to help with money matters - more than those using it for health advice, shopping recommendations, travel planning or recipe ideas.
Users report positive results from their AI usage, estimating that they've saved an average of £399 per year thanks to the resulting insights.
However, there are still some concerns about the technology: 83% of AI users say they worry about data privacy, while 80% are concerned about receiving inaccurate or outdated information. Nearly seven in 10 are worried about a lack or personalisation.
Jas Singh, CEO, consumer relationship, Lloyds Banking Group, says: “AI is rapidly transforming how people manage their money, with the potential for millions of consumers to feel more confident and in control of their personal finances. From everyday budgeting to planning for the future, we’re already seeing people use the technology to make smarter choices and build financial resilience.
“But as AI becomes a bigger part of our financial lives, trust is the next frontier. People want to be sure the information they receive is accurate, secure and truly tailored to their needs. That’s why banks have a vital role - not just in providing cutting-edge technology, but in combining it with trusted expertise and a deep understanding of our customers."