Consumer Surveys
2023 CFP Board Consumer Sentiment Survey – Trust But Verify
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Data from a July 2023 survey of American consumers conducted by CFP Board reveals that 71% of investors have little to no level of trust in the financial planning advice received from social media versus 51% of investors who have little to no level of trust in the advice received from generative artificial intelligence (AI) tools, including ChatGPT or Google Bard.
KEY FINDINGS
- 62% of investors 45 and over saying they were “very satisfied” with the experience of receiving financial planning advice from a generative AI tool, versus 38% of investors under 45.
- Only about 1 in 10 investors under age 45 (8%) said they would be very comfortable implementing advice solely from a generative AI tool, while 15% of older investors concurred.
- When AI-generated recommendations are verified by a financial planner, the percentage of investors describing themselves as “very comfortable” nearly doubles to 21% (up from 12%) and the percentage of those saying they would be “very or somewhat comfortable” jumps to 52% (up from 31%).
- Nearly one-third of men surveyed (31%) describe themselves as “hopeful” about the impact AI could have on financial planning, compared to 19% of women. Additionally, women are more likely to describe themselves as “skeptical” (37%) than men (29%).
- A majority of men (57%) and 47% of women say they would be at least “somewhat comfortable” implementing financial advice from a generative AI tool such as ChatGPT or Bard if verified by an advisor.
- More than half of respondents (52%) believe that generative AI tools and social media will supplement financial planning advice from advisors in the next three to five years.