A remarkable 73 per cent of UK investors believe that ChatGPT has the potential to offer reliable financial advice in the future, according to the Investor Index, an annual study of UK investors.
The survey, which was conducted among 1,100 UK people (18+) with a minimum investment of £10,000, is a partnership between the data-driven research firm The Nursery and the communications firm AML Group in London.
It was found that 42 per cent of investors between the ages of 18 and 34 had already requested assistance from this chatbot.
ChatGPT’s reach is expanding with more than 100 million users and 1.8 billion monthly website visits. Meanwhile, around 54 per cent of investors 65 and older believe that ChatGPT will be the future of financial advice.
According to 46 per cent of UK investors, robo-advisers are the way of the future in terms of investing. Furthermore, 34 per cent of respondents said they prefer robo-advisers to conventional financial advisers.
AML Group senior strategist Sarah Nunneley says: “While ChatGPT is currently not regulated, its perceived promise as a source of advice in the future across age groups is remarkable. This is most significant among younger investors – but you would be amiss to dismiss this group as ‘just kids’, this can be people in their late 30s and 40s, with money to invest and confidence in their choices.
“The ‘new’ generation of investors is already here and they are looking at what is on offer, weighing up their options and it seems Robo-advice and AI are coming up on top. ”
