28 Million Brits Turn to AI for Money Management, Lloyds Reveals

TL;DR: Lloyds Banking Group’s Consumer Digital Index shows 28.8 million UK adults used AI for personal financial management in the past year, making it the nation’s leading AI application. ChatGPT dominates usage, with users reporting average savings of £399 annually, though 83% express data privacy concerns.

UK Leads in Financial AI Adoption

According to Lloyds Banking Group’s latest Consumer Digital Index, approximately 28.8 million UK adults have utilised AI tools within the past year for personal financial management, establishing it as the nation’s most popular AI application.

ChatGPT has emerged as the dominant platform, used by six in ten AI adopters for financial tasks. The research reveals diverse applications: over one-third use AI for investment research and recommendations, a quarter employ it for debt management strategies, and nearly 40% consult AI for financial planning, including pension information.

Usage Patterns and Financial Impact

The data shows approximately one-third of users engage with AI tools weekly or more frequently for money-related matters. Users report average annual savings of £399 from AI-generated financial insights, demonstrating tangible economic benefits from adoption.

However, the research identifies significant trust barriers. Eighty-three per cent of users worry about data privacy, 80% fear inaccurate or outdated information, and nearly 70% express concerns about lack of personalisation in AI-generated advice.

Industry Response

Jas Singh, CEO of Consumer Relationship at Lloyds Banking Group, stated that “AI is rapidly transforming how people manage their money” whilst emphasising that “trust is the next frontier” as the technology becomes increasingly integrated into financial management.

The findings suggest a critical inflection point in consumer finance: whilst AI adoption has reached mass-market scale, addressing trust and accuracy concerns will be essential for sustained growth and deeper integration into financial decision-making processes.

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