Over half of UK adults, approximately 28.8 million, have turned to artificial intelligence (AI) in the past year for personal finance management, according to Lloyds’ Consumer Digital Index. AI has emerged as the UK’s top application in this realm, with ChatGPT being the preferred platform for 60% of users. AI is frequently utilized for investment research (33%), debt management (25%), and financial planning (39%), indicating a significant trend towards technology in personal finance. Weekly, about one in three individuals engage with AI for money management, surpassing other uses like health advice and shopping. Users attribute an average savings of £399 annually to AI insights. However, concerns linger; 83% worry about data privacy, and 80% about accuracy. As AI reshapes financial interactions, Lloyds emphasizes the need for trust and expertise in delivering secure, personalized solutions to enhance consumer confidence. AI is thus pivotal for future financial resilience in the UK.
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