WASHINGTON – A new Gallup study conducted in partnership with Edward Jones reveals that while a growing number of Americans are experimenting with artificial intelligence for financial guidance, trust in AI remains far below that of human financial advisors. The study, released this week, found that 79% of U.S. adults have at least some confidence in financial advisors, with about one-quarter expressing a great deal of confidence. By contrast, fewer than three in ten Americans have any confidence in AI for financial guidance, and just 3% say they have a great deal of confidence.
The findings underscore a persistent gap between the convenience of AI tools and the reassurance of human expertise, particularly when it comes to consequential financial decisions.
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AI Use Is Growing, But Confidence Lags
According to the study, approximately three-quarters of Americans have sought financial guidance from at least one source over the past year. Among those, 73% relied on their own internet research, 35% consulted family members, 32% sought professional financial advisors, 26% turned to news or social media, and 23% asked friends. AI tools like ChatGPT and Claude were used by 18% of respondents.
David Chubak, head of wealth management at Edward Jones, told FOX Business that the research reaffirms a key insight: “When it comes to the conversation of consequence, to making a real-life decision, people aren’t ready to trust AI as the decision maker for them, as the counselor.”
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Chubak emphasized that individuals still view their financial advisor as a “trusted human partner” to help them think through the decision-making process. “AI, as we see it, plays an important role in some of the discovery and approach to people improving their finances,” he said. “When it comes to improving their financial fulfillment, people still believe inherently in the importance of a human, trust relationship.”
What Americans Use AI For
The study indicates that AI is most commonly used for what Chubak describes as “tactical” questions — tasks like obtaining information about 401(k) retirement plans, 529 education savings accounts, or newly launched investment products such as the recently introduced Trump Accounts. These are areas where quick, factual answers are valuable, but they rarely involve the emotional or long-term planning aspects of personal finance.
Chubak noted that individuals are less likely to use AI when addressing the purpose of their financial planning or the anxieties they may have about it. “There, they’re going to the advisor to have that conversation, to unroot what the real question is that they’re trying to solve and then try to solve it with them,” he explained.
He added that AI can help individuals refine their financial questions or concerns, which can then be addressed with a human advisor. The more tactical or discovery-oriented interactions with AI tools can “really help them identify when they need an advisor,” as well as to “sharpen where the focus areas that they want to go are, so that the advisor can really hone in on the most impactful opportunities.”
Implications for Investors and the Financial Industry
The findings arrive at a time when AI adoption is accelerating across industries, and financial services firms are increasingly integrating AI into their platforms. However, the trust gap suggests that AI is unlikely to replace human advisors anytime soon, at least for major financial decisions.
For consumers, the takeaway is that AI can be a useful starting point for gathering information and identifying questions, but it should not be the sole basis for significant financial choices. The study’s results also highlight the importance of verifying AI-generated financial information, as errors or outdated data could lead to costly mistakes.
For the financial advisory industry, the data reinforces the value of the human element. Firms that can effectively combine AI-driven efficiency with personalized human guidance may be best positioned to meet evolving client expectations.
As AI tools become more sophisticated, it remains to be seen whether trust levels will shift. For now, the majority of Americans appear to agree with the sentiment that when it comes to money, a human touch still matters.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. The cryptocurrency and financial markets are volatile and uncertain. Always consult a qualified financial advisor before making investment decisions.
