Savers are increasingly relying on AI rather than conventional financial guidance during retirement planning, according to data analysed by PensionBee.
A PensionBee analysis of the rise of ‘AI Overviews’ following Google keyword searches and a corresponding decline in traffic to free advice websites suggested that AI is increasingly used for early stage needs of savers when they start to consider pension and retirement options.
Traffic to MoneyHelper is down 10 per cent over the last six months, according to data gathered on semrush, the online search marketing platform, while the website has seen a steady increase in the number of AI overviews generated in this time.
Luis Mejia, head of data and AI at PensionBee, says: “As many of us have experienced, AI is a generally good substitute for some financial guidance, but advisory services are better protected. In the face of continued improvements to AI technology, the retirement industry faces a serious challenge of remaining relevant and trusted while savers increasingly rely on AI for more complex guidance.”
The Financial Conduct Authority is examining the impact of AI for financial services and consumers under the Mills Review, launched at the end of January.