AI is increasingly influencing how Brits manage their money—but don’t count out traditional financial institutions just yet. A new STRAT7 study finds that 55% of UK adults now use AI platforms like ChatGPT, Perplexity, and Google Gemini for financial guidance at least occasionally. Among younger generations, usage skyrockets: 81% of Gen Z and 80% of Millennials lean on AI for their money questions, with 14% of Gen Z relying entirely on AI for financial answers.
Despite the surge in AI usage, banks’ websites remain the go-to source for financial guidance, cited by 81% of respondents, followed by family members (76%) and Money Saving Expert (75%). Social media, often assumed to dominate younger audiences, lags behind; only 50% of Gen Z and 46% of Millennials turn to these channels for advice.
AI Investing Is Growing, But Age Matters
The STRAT7 study, surveying 1,000 UK adults, also reveals intriguing investment patterns. The average AI-driven investment across the UK is £2,354.60. Generation-wise, the numbers tell a nuanced story:
- Gen Z: £2,190.50
- Millennials: £2,202.80
- Gen X: £3,104.10
- Boomers: £3,098.00
Fewer older investors use AI, but those who do tend to invest larger sums. Meanwhile, 36% of AI users report leveraging these tools to better manage budgets, while only 10% rely on AI as their first stop for advice.
Sue van Meeteren, co-founder of STRAT7 Jigsaw, says the trend is a wake-up call for financial services: “Generative AI is becoming a key tool for advice, especially among younger savers and investors. Traditional brands risk being sidelined if they don’t adapt. AI offers low-cost, accessible guidance, but firms can still compete by positioning their platforms as educational hubs.”
Trust Still Drives Financial Decisions
The research underscores that, while AI is on the rise, trust remains paramount. Money Saving Expert and banks’ websites deliver the highest satisfaction, with 78% of users pleased with the advice they received. In comparison, AI platforms achieve a 67% satisfaction rate, and social media sits slightly lower at 65%.
Van Meeteren emphasizes the enduring value of trusted, self-service financial education: “People are seeking self-service tools, advice rooted in lived experience from family, and clear, objective guidance. These are the qualities that traditional channels still excel at, even in a digital-first world.”
The implication is clear: AI isn’t replacing traditional financial advice yet—it’s supplementing it. For financial services firms, the challenge is to integrate AI insights while maintaining trusted, personalized guidance that resonates across all generations.
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