Research from PensionBee found that 45% of over-65s do not trust artificial intelligence (AI) for financial advice, compared to 33% of under-65s and 27% of 18 to 34 year olds.
The survey revealed that 22% of over-65s said there were no benefits of AI, while 10% of under-65s and 5% of 18 to 34 year olds agreed.
Among those earning below £35,000, 41% did not trust AI, compared to 18% of those earning over £75,000.
Additionally, 15% of the lower-income group saw no advantages in AI, unlike just 4% of higher earners.
29% of those with a household income below £35,000 and 25% of over-65s feared it would limit access to human advisers.
Luis Mejia, Vice President of data at PensionBee, said: “These findings reflect broader public concerns about the growing role of AI in everyday life.
“While younger and higher-income savers tend to be more optimistic about its benefits, older and lower-income savers have valid concerns about AI replacing human interaction.
“To ensure AI-driven services deliver real value to all customers, pension providers must prioritise accessibility, maintain accurate and reliable information, and uphold the highest standards of data security.”
Mejia added: “Most importantly, human advisers must remain easy to reach, reinforcing trust and confidence in the support available.”
