One in five investors report using AI chatbot in the past year

Washington DC, June 14, 2023—New polling by Yahoo Finance in partnership with Ipsos finds that investors are more likely to report using an Artificial intelligence (AI) chatbot in the past year than non-investors. While investors are trying out these programs, few say they are likely to use an AI financial advisor, including non-investors. Americans cite a lack of ‘human’ element, lack of knowledge, lack of understanding about the technology, and fears about inaccurate information as their top concerns with AI financial advisors. Read Yahoo's story here.

Detailed Findings:

Some investors are exploring AI chatbots, but most report being unlikely to use an AI financial advisor.

• One in five investors (20%) says they’ve used an AI chatbot, twice as many as non-investors (11%) who say they have used the same technology in the past year. 
• A similar share of investors, one in five (20%), say they are very likely or somewhat likely to use an AI financial advisor, while only 13% of non-investors say the same. Most investors (66%) and non-investors (64%) alike are hesitant about using AI financial advisors, reporting that they are very or somewhat unlikely to use AI financial advisors.
• Additionally, a majority of Americans (63%) do not trust AI to advise them on their finances.

Most Americans do not feel that AI financial advisors would have an edge over traditional human advisors, and most would not pay for AI to provide a range of financial services.

• Most Americans (57%) do not think an AI financial advisor would have an advantage over a traditional human advisor in any area.

• The most cited kinds of financial assistance where Americans think AI financial advisors might have an advantage over traditional human advisors include predicting market trends (17%), helping new investors get started building their portfolio (13%), providing insight and recommendations for personal finances (13%), and providing insights and recommendations for retirement (13%).
• Still, four in five Americans (80%) would not pay for AI to provide insights and recommendations for market trends and predictions, investments/stock portfolios, retirement accounts, personal finances, or other financials.

Relatedly, the top concerns involving AI financial advisors are a lack of ‘human’ element (46%), people do not know enough about it (45%), the technology being too new (44%), and concerns about inaccurate information (39%).

About the Study

This Yahoo Finance/Ipsos Poll was conducted June 2 – 4, 2023 by Ipsos using the probability-based KnowledgePanel®. This poll is based on a nationally representative probability sample of 1,276 general population adults aged 18 or older. The sample includes 596 Investors and 680 Non-investors.

The margin of sampling error is plus or minus 3.0 percentage points at the 95% confidence level, for results based on the entire sample of adults. The margin of sampling error is plus or minus 4.2 percentage points at the 95% confidence level, for results based on the entire sample of Investors. The margin of sampling error is plus or minus 4.0 percentage points at the 95% confidence level, for results based on the entire sample of Non-investors. The margin of sampling error takes into account the design effect, which was 1.18. The margin of sampling error is higher and varies for results based on other sub-samples. In our reporting of the findings, percentage points are rounded off to the nearest whole number. As a result, percentages in a given table column may total slightly higher or lower than 100%. In questions that permit multiple responses, columns may total substantially more than 100%, depending on the number of different responses offered by each respondent.

The survey was conducted using KnowledgePanel, the largest and most well-established online probability-based panel that is representative of the adult US population. Our recruitment process employs a scientifically developed addressed-based sampling methodology using the latest Delivery Sequence File of the USPS – a database with full coverage of all delivery points in the US. Households invited to join the panel are randomly selected from all available households in the U.S. Persons in the sampled households are invited to join and participate in the panel. Those selected who do not already have internet access are provided a tablet and internet connection at no cost to the panel member. Those who join the panel and who are selected to participate in a survey are sent a unique password-protected log-in used to complete surveys online. As a result of our recruitment and sampling methodologies, samples from KnowledgePanel cover all households regardless of their phone or internet status, and findings can be reported with a margin of sampling error and projected to the general population.

The data were weighted to adjust for gender by age, race/ethnicity, education, Census region, metropolitan status, household income, race/ethnicity by gender, race/ethnicity by age, and race/ethnicity by education. The demographic benchmarks came from the 2021 March supplement of the U.S. Census Bureau’s Current Population Survey (CPS). The weighting categories were as follows:

• Gender (Male, Female) by Age (18-29, 30-44, 45-59, 60+)
• Race-Ethnicity (White/Non-Hispanic, Black/Non-Hispanic, Other/Non-Hispanic, Hispanic, 2+ Races/Non-Hispanic)
• Census Region (Northeast, Midwest, South, West)
• Metropolitan Status (Metro, Non-Metro)
• Education (Less than High School, High School, Some College, Bachelor or higher)
• Household Income (under $25K, $25K-$49,999, $50K-$74,999, $75K-$99,999, $100K-$149,999, $150K and over)

For more information, please contact:
Jennifer Berg
Vice President, Ipsos Public Affairs 
[email protected]
312-526-4224

About Ipsos

Ipsos is the world’s third largest Insights and Analytics company, present in 90 markets and employing more than 18,000 people.

Our passionately curious research professionals, analysts and scientists have built unique multi-specialist capabilities that provide true understanding and powerful insights into the actions, opinions and motivations of citizens, consumers, patients, customers or employees. We serve more than 5000 clients across the world with 75 business solutions.

Founded in France in 1975, Ipsos has been listed on the Euronext Paris since July 1st, 1999. The company is part of the SBF 120 and the Mid-60 index and is eligible for the Deferred Settlement Service (SRD).

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