AI emerges as a major force in UK financial decision-making

Artificial intelligence is playing an increasing role in how UK consumers make financial decisions, with AI tools influencing an estimated £47.4 billion of savings and investments, according to the latest instalment of the 2026 Advice Gap study by the Lang Cat, sponsored by Saturn. 

The study estimates that around 382,000 unadvised adults have used an AI tool for financial topics typically handled by a professional financial adviser and subsequently acted on the information received. If viewed as a single advisory entity, the level of assets influenced by AI would place it among the five most influential financial advice providers in the UK. 

The £47.4 billion figure sits below the estimated £69 billion managed by Evelyn Partners but above the £40 billion overseen by True Potential, highlighting the growing impact of AI on consumer financial behaviour. 

Amal Jolly, CEO of Saturn, said, “It’s easier than ever for people to access what they think is financial advice through mainstream AI models. But our separate research showed how poorly LLMs perform in financial advice tasks, and £47.4bn is a lot of money subject to inconsistent help that’s wrong more than half the time.” 

Research conducted by YouGov found that 24% of UK consumers have consulted an AI tool about their personal finances during the last two years. Among those users, 13% use AI for financial queries several times a year or more frequently. Investment-related topics were the most common use case, with 31% seeking investment guidance, while 18% asked about retirement investing and 16% sought information relating to pensions. 

The findings come at a time when AI adoption across financial services continues to accelerate. However, concerns remain about reliability and consumer protection. According to a recent Saturn study, leading large language models, including ChatGPT, Claude, Copilot, Gemini and Grok, provided incorrect responses to financial questions of 57% of the time on average. 

The growing use of AI for financial guidance has also attracted the attention of regulators. The UK’s Financial Conduct Authority (FCA) recently called on AI providers to include clear disclaimers alongside financial information generated by their systems. 

The study also found that AI use for financial queries varies significantly by age and income. Around 35% of adults aged 18 to 24 reported using AI for financial questions, compared with 12% of those aged over 55. Younger users were also more likely to act on AI-generated advice without seeking a second opinion. 

Higher-income households were more likely to use AI for financial decisions, particularly for pensions and investment planning. This suggests that AI is increasingly being used by consumers who would traditionally engage with professional financial advisers. 

Mark Polson, CEO of the Lang Cat, said, “AI is an incomprehensibly impactful wildcard in financial advice. And that’s because we just don’t know the effect it will have over the next 5 to 10 years.” 

The research also examined consumer attitudes toward a potential government-backed AI financial guidance service. While 29% of respondents said they would be likely to use such a platform, 58% said they would be unlikely to do so, with concerns around impartiality and accuracy cited as key factors. 

The findings illustrate the growing intersection between artificial intelligence and financial services, as consumers increasingly turn to digital tools for guidance on investments, pensions and broader financial planning decisions.