13% of people use AI tools for personal finance advice – Capital One UK

More than a quarter of users used AI for financial help at least once a day.

Just over half said they had not received incorrect financial information or advice from an AI tool. 

28% said they had received incorrect information, while 21% were unsure.

Ben Woodward, AI strategy lead at 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 their retirement.

“Much like a search engine, the quality of what you get back depends on how you ask.”

Woodward added: “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.

“However, it’s important to remember that AI can produce responses that sound authoritative but aren’t completely accurate – sometimes called ‘hallucinations’.”

He said: “So, whatever you ask, always verify the AI response with a trusted source, like your bank or credit card provider.”