A majority of consumers are turning to artificial intelligence for financial advice as they struggle to keep pace with inflation, according to a new survey by J.D. Power.
The survey found that the proportion of U.S. consumers who are “financially vulnerable” was 40% in July, up from 37% in June and 32% in May. The persistently high price of consumer goods helped drive the increase, with 71% of consumers reporting that the price of goods is increasing faster than their income.
Many consumers are seeking advice as their financial stress rises. Fifty-one percent of respondents said they turn to AI to get financial advice or information. Another 27% said they haven’t but are considering it. ChatGPT was the most popular AI tool, particularly with respondents under 40. Google Gemini is preferred for consumers over 40. Microsoft Copilot, Meta AI, Apple Siri, and Amazon Alexa or Echo AI were in the single digits.
Thirteen percent of respondents said they use AI for banking and financial services on a daily basis, while 59% said they use it occasionally, according to J.D. Power. Savings strategies were the most popular question asked to AI (45%), followed by credit scores or credit cards (41%) and investing or stock market advice, budgeting or managing expenses, and general financial education (all at 36%).
