Over 28 million adults in the UK are using artificial intelligence (AI) for personal finance management, making it the leading application of AI in the nation. According to Lloyds Banking Group’s Consumer Digital Index, 56% of adults employed AI tools like ChatGPT for budgeting, savings planning, and financial education in the past year. Notably, 37% utilized AI for investment research, while 39% sought guidance on future financial planning. Despite high usage, concerns around data privacy and misinformation persist, with 83% of users wary of these issues. Digital confidence is linked to financial empowerment, with 93% of confident users better equipped to make informed decisions. Lloyds highlights the necessity for integrating AI with trusted expertise to foster user confidence. For those looking to improve their digital skills, the free Lloyds Bank Academy provides essential resources to enhance both financial literacy and digital competency. More information can be found at Lloyds Bank Academy.
