Research indicates that around 2.13 million people in the UK have utilized generative AI for financial advice, with 40% having consulted tools like ChatGPT. Among these users, 16% sought AI guidance specifically for stocks and shares, while 15% explored cryptocurrency advice. George Sweeney from Finder emphasized the significance of AI in narrowing the financial advice gap, especially for millennials and Generation Z, who showed the highest engagement with AI for investing tips. While 65% of millennials and 62% of Gen Z have considered using AI for financial guidance, caution is advised. Sweeney warned against relying solely on AI for investment decisions without understanding personal financial goals, as it may lead to risky outcomes. He recommended cross-checking AI-generated advice with comprehensive research or consulting a qualified financial adviser, stressing that while AI is a valuable tool, it cannot replace personalized financial advice.
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