A recent survey by Northwestern Mutual reveals that a majority of younger Americans, particularly Gen Z and Millennials, are enthusiastic about using artificial intelligence to help achieve their financial goals. Over half of respondents from these generations expressed excitement about AI tools aiding in financial decisions and data analysis.
However, older generations showed more reservations, with a clear preference for human financial advisors. While AI is already making significant strides in sectors like Wall Street, the survey found that 54% of respondents still prefer human guidance for most financial planning tasks compared to 15% who trust AI alone.
Christian Mitchell, Northwestern Mutual’s executive vice president, noted that AI can manage budgets and track money but highlighted the enduring need for human involvement in financial advice. Similarly, John Mileham of Betterment emphasized that complex financial decisions still require human nuance.
Despite the growing role of AI, the consensus is that it should serve as an enhancement rather than a replacement for human expertise in financial management.
