More than half of adults in the UK have utilized artificial intelligence over the past year to assist with financial management, making it the most prevalent application of AI in the country, as indicated by research from Lloyds.
The latest Lloyds Consumer Digital Index reveals that approximately 28.8 million UK adults have engaged with AI for money management in the last 12 months. Among these users, ChatGPT stands out as the leading platform, with six out of ten individuals reporting its use.
A significant portion of AI users—over one-third—turn to the technology for investment research and recommendations, while a quarter use it for strategies related to debt management. Nearly 40% have sought AI assistance for future financial planning, including pension information.
Approximately one in three users access AI for financial assistance at least once a week, surpassing those who use it for health advice, shopping suggestions, travel arrangements, or recipe ideas. Many users report beneficial outcomes, with estimates suggesting an average annual savings of £399 attributed to insights gained through AI.
Despite these advantages, concerns persist regarding the technology. A staggering 83% of users express worries about data privacy, and 80% are apprehensive about receiving outdated or inaccurate information. Furthermore, nearly 70% share concerns about the lack of personalization in AI responses.
Jas Singh, CEO of Consumer Relationships at Lloyds Banking Group, states, “AI is rapidly changing the way individuals manage their finances, empowering millions to feel more confident and in control. From daily budgeting to long-term planning, we’re witnessing the technology enable smarter financial decisions and enhance resilience.”
He adds, “As AI continues to integrate into our financial lives, trust emerges as a critical factor. Consumers want assurance that the information they receive is accurate, secure, and personalized. Banks play a crucial role—not only in delivering advanced technology but also in pairing it with trusted expertise and a comprehensive understanding of our customers.”