A move towards AI as a trusted ‘advisor’; the impact of the cost of living crisis and a move away from ethical investing are just some of the key findings published today from theInvestor Index – an annual study of UK investors.
Now in its fourth year, the Investor Index is an in-depth survey of investor behaviours conducted among 1100 UK adults (18+) with a minimum of £10,000 invested. Conducted jointly by London-based communications agency AML Groupand the research and planning experts, The Nursery, the study has established itself as a rigorous barometer of investor behaviour based on hard data.
Chatbots – the future of investing?
73% of UK investors believe that ChatGPT could give reliable financial advice in the future with 42% of younger investors (18-34) stating that they have already used the infamous AI chatbot for advice. Considered ‘clever’ by some and ‘dangerous’ by others, ChatGPT is a global phenomenon that currently has 100 million users generating monthly website visits upwards of 1.8 billion (according to latest available data published by Reuters, February 2023). And whilst early adoption from younger investors may have been expected, the research has also revealed that just over half (54%) of UK investors aged 65+ also believe that ChatGPT could be the future of financial advice.
Robo-advisors are also being used by UK investors to make financial decisions with 46% stating that they are the future of investing and 34% saying that they would prefer to use a Robo-advisor than a financial advisor.
Commenting on the findings, Sarah Nunneley, Senior Strategist at AML Group says: “While ChatGPT is currently not regulated, its perceived promise as a source of advice in the future across age groups is remarkable. This is most significant among younger investors – but you would be amiss to dismiss this group as ‘just kids’, this can be people in their late 30s and 40s, with money to invest and confidence in their choices. The ‘new’ generation of investor is already here and they are looking at what is on offer, weighing up their options and it seems Robo-advice and AI are coming up on top. ”
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