Perceptions of AI in financial planning vary among investors by generation, with a recent survey finding that 62% of investors aged 45 and over were very satisfied with advice from a generative AI tool, compared to just 38% of investors under 45. However, comfort levels nearly doubled when AI recommendations were verified by financial planners. A CNBC survey indicates that most Americans have not used generative AI for financial advice, with only 37% expressing interest in using AI for money management.
Key takeaways:
- A recent EY survey reveals that while executives are investing in AI strategies, they face significant challenges in formulating and operationalizing these plans due to uncertainties in the field of AI.
- AI-enhanced synthetic identity fraud is a growing problem in the financial sector, with half of companies believing their synthetic fraud prevention measures are only somewhat effective, leading to significant financial losses.
- Only 56% of Canadian executives feel prepared for a cyberattack, with 93% expressing concern about generative AI’s ability to amplify breach vulnerabilities.
- Perceptions of AI in financial planning vary among investors by generation, with a higher percentage of older investors expressing satisfaction with AI advice compared to younger investors.