Seventy-one % of buyers in a survey launched Tuesday by the Licensed Monetary Planner Board of Requirements have nearly no belief within the monetary planning recommendation they obtain from social media, and 51% really feel the identical about recommendation they obtain from generative synthetic intelligence instruments, together with ChatGPT or Google’s Bard.

On the identical time, 31% of buyers surveyed mentioned they really feel snug implementing monetary planning recommendation from a generative AI-powered instrument with out first verifying it with one other supply. Twenty-six % mentioned they’d act on unverified recommendation from social media.

Nevertheless, 52% of respondents mentioned they’d be extra assured about appearing on recommendation from generative AI after they’ve vetted that recommendation with a monetary planner. And 46% mentioned they’d be snug implementing vetted monetary planning recommendation from social media.

“During the last decade, unverified monetary recommendation on platforms like TikTok and Instagram has surged,” the CFP Board’s chief govt Kevin Keller mentioned in a press release. “Traders should be cautious about recommendation from ‘finfluencers’ on these channels.”

Keller mentioned that as a result of the emergence of AI instruments has made verifying recommendation difficult, holistic skilled recommendation is extra vital than ever.

The CFP Board carried out the survey on July 11 amongst a pattern of 1,153 adults.

Generational Variations in Satisfaction

Youthful buyers look like extra cautious than older ones concerning the monetary recommendation they obtain from generative AI. Sixty-two % of buyers 45 and older mentioned they had been “very glad” with the expertise of receiving monetary planning recommendation from a generative AI instrument, in contrast with 38% of buyers youthful than 45.

However the survey discovered that buyers of all ages are cautious in the case of implementing that recommendation. Solely 8% of these youthful than 45 mentioned they’d be very snug appearing on recommendation solely from a generative AI instrument; 15% of older buyers concurred.