Why So Many People Now Trust AI With Financial Advice

Trust in financial advice has traditionally been hard earned. People turn to accountants, advisers and planners because money decisions carry long-term consequences. Yet recent data suggests that trust is shifting rapidly, and not always towards human expertise.

A recent survey by financial comparison platform BestMoney found that 82 percent of people trust AI for financial information and guidance. More than half have already used AI for financial advice, and the same proportion say they are doing so more often than they were a year ago. Even more striking, 76 percent say they have taken action based on AI guidance.

That level of trust raises important questions for the accounting profession, not least because it appears to be growing faster than the safeguards around it.

Why people are turning to AI for financial guidance

The reasons people give for using AI are revealing. Speed tops the list. Nearly two thirds of respondents said the ability to get an instant answer was the main reason they turned to AI. Cost followed closely behind, with over half citing affordability, while responsiveness ranked third.

Quality of advice was much lower down the list. Fewer than three in ten said they used AI because they believed the advice itself was better, and fewer than one in five cited privacy as a factor.

This suggests that trust in AI is not primarily about perceived expertise. Instead, it is about accessibility. AI is always available, does not charge by the hour, and does not make users feel judged for asking basic questions.

That matters in a world where many people feel priced out of professional advice or unsure when it is appropriate to seek it.

This is why having the right support matters. Expert advice is always close at hand, whether you are looking for an accountant in Essex, Exeter or Ely.

What people are using AI for

The survey data shows that AI is being used across a wide range of financial topics. The most common queries relate to investing, budgeting and saving. Taxes come next, followed by retirement planning.

These are not trivial areas. They are decisions that shape long-term financial security, and in many cases, tax compliance. While some questions may be straightforward, others depend heavily on personal circumstances, local regulations and future uncertainty.

Despite this, half of respondents said they use AI for financial advice some of the time, while a further 36 percent said they use it most or all of the time. Only a small minority said they rarely use it.

Perhaps most striking of all, nearly one in two respondents believe AI is superior to the people in their lives when it comes to financial guidance. That includes professionals, friends and family.

Acting on AI advice, for better and worse

Trust becomes most meaningful when it leads to action. According to the BestMoney data, 76 percent of people who use AI for financial guidance have acted on that advice. Of those, 65 percent said the outcome was positive.

As a result, many users feel more confident. Almost two thirds said their finances had improved since using AI, and nearly three quarters reported increased confidence around money.

On the surface, this paints a positive picture. AI appears to be helping people engage with their finances and take action where they might previously have done nothing.

However, other data complicates that story. A separate survey by Pearl.com found that while many people believe AI can meet all their financial advice needs, nearly one in five reported losing $100 or more after following AI guidance. Credit Karma data shows a similar pattern, with over half of users saying they had made at least one poor financial decision based on generative AI advice, even if their overall situation had improved.

This highlights a key issue. AI can be helpful on average, while still being risky in specific cases.

“AI gives people confidence because it answers quickly and without friction, but confidence is not the same as correctness," according to Brightx. "Financial advice only works when context, regulation and judgement are applied together, and that is still where human expertise matters most.”

The confidence gap and declining trust in experts

One reason AI trust is rising may have less to do with technology and more to do with broader attitudes towards expertise. Surveys suggest declining trust in professionals across multiple fields, including healthcare and finance.

In the Pearl.com data, a significant proportion of respondents said they trusted AI advice more than doctors, and some even trusted social media influencers more than medical professionals. Financial advice appears to be following a similar pattern.

Cost plays a role here. Many respondents said they would like to speak to a professional but believed they could not afford it. AI fills that gap, even if imperfectly.

There is also a confidence gap. AI presents answers clearly and decisively, even when uncertainty exists. That confidence can be reassuring, especially to people who feel overwhelmed by financial complexity.

What this means for accountants

For accountants, this shift is both a challenge and an opportunity. On one hand, it is concerning that so many people are acting on AI advice without fully understanding its limitations. Tax rules, in particular, are context-specific and can change frequently. Generic guidance can easily miss critical details.

On the other hand, the data shows a clear appetite for accessible, understandable financial guidance. People want answers quickly, without jargon, and without feeling judged. Those are not strengths unique to AI. They are areas where professionals can adapt and improve.

Accountants who position themselves as interpreters rather than gatekeepers may find they are better placed than ever. AI can handle basic education and exploration, while professionals provide judgement, nuance and accountability.

The quote from BestMoney’s senior editor captures this balance well. AI is a powerful tool for learning and simple questions, but when decisions affect families, livelihoods and long-term outcomes, experience still matters.

A profession at a crossroads

The fact that 82 percent of people trust AI with financial guidance should not be dismissed as naivety. It reflects real frustrations with cost, access and complexity in traditional advice models.

But trust does not equal accuracy, and confidence does not guarantee good outcomes. As AI becomes more embedded in everyday financial decision making, the role of accountants will increasingly be to add context, challenge assumptions and step in when the stakes are high.

The real question is not whether people should use AI for financial guidance. Many already are. The question is whether the profession can meet people where they are, and offer something AI cannot.

Those who do may find that trust, once shifted, can also be rebuilt.

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