American confidence in using AI to help understand and manage finances is growing, and while 37% of all polled consumers said they already use AI for finances, that percentage jumped to 61% for Gen Z, a new BMO survey said.
The BMO Real Financial Progress Index found 49% of all respondents used AI to learn more about personal finance, 48% for creating household budgets, 47% for learning about new investment strategies, 47% for building savings, and 46% for creating a financial plan. And more than half said they believed AI can make financial planning more accessible for everyone.
However, 64% of respondents said they recognized that AI cannot account for the emotional side of planning, according to the survey.
"Managing money is more than analytics; it is a deeply personal relationship shaped by emotions, experiences, and unique life circumstances," said Paul Dilda, head, U.S. consumer strategy, in a press release. "While AI handles technical aspects and routine tasks, a professional advisor brings a human touch, offering personalized guidance and understanding. Together, they create a holistic approach to financial management, ensuring more Americans stay on track towards their goals and make real financial progress."
First appearing in February 2021, the Real Financial Progress Index was intended to reveal how consumers felt about their finances and whether or not they felt they were making progress, the release said. This year, the survey polled more than 2,500 adults during the first three weeks of June.
According to the findings, 89% of respondents believe they are making progress toward their financial goals, and 45% said they believed that AI tools could help.
And among consumers who currently do not use AI for their finances, 32% said they considering it to learn more about personal finance, 31% to increase their savings, 29% to find new investment strategies, 29% to create budgets and 27% to create financial plans and/or retirement plans, the survey said.