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AI-NANCIAL LOSSES: BRITS LOSE £1,300 ON AVERAGE WHEN TRUSTING AI TO MAKE OR SAVE THEM MONEY

ByAdam Myles

Oct 2, 2023
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AI-NANCIAL LOSSES: BRITS LOSE £1,300 ON AVERAGE WHEN TRUSTING AI TO MAKE OR SAVE THEM MONEY

  • Brits lose an average of £1,288 taking advice from AI
  • More than a quarter of Brits (28%) would stop using AI if they lost up to £100
  • Over a third (34%) of Brits refuse to consider using AI to save or make money for various reasons
  • But Brits are also making an average of £1,500 – leaving them £149 in profit

 

Brits who have used AI for financial advice lose £1,288 on average, according to a new study.

The study by the UK’s most trusted savings site, VoucherCodes.co.uk, looks at the nation’s earnings from listening to artificial intelligence’s financial advice and their sentiment towards it, with 7.2m Brits1 (12%) admitting to having already attempted to boost their bank balance with AI.

Breaking the data down there’s a clear difference between genders when it comes to AI-led financial losses, with British males losing £1,711 on average (33% more than the national average), compared to just £489 by their female counterparts (62% less than the national average).

Looking at AI losses by generation, 35–44-year-olds have lost the most amount of money totaling £2,938 each – this is 889% more than Gen Zs (those 18-24) who lose the least amount of money at only £297.

Generational breakdown of the average amount Brits lose through AI financial advice

Age group Average amount lost % Increase/Decrease against national average
18-24 £297 -77%
25-34 £989 -23%
35-44 £2,938 +128%
45-54 £1,328 +3%
55+ £402 -69%
National Average £1,288

As high-stake losses are a possibility, it’s unsurprising that not all Brits are willing to take a gamble with using AI for financial help. More than a quarter of Brits (28%) would not use AI programs such as Chat GPT if they lost up to £100, and over a tenth of all Brits (12%) would cease their trust in AI for financial help if they were as little as £10 down.

Furthermore, a third (34%) of Brits claim that they wouldn’t consider using AI as a tool to earn extra cash, with 32% admitting they’d prefer taking human advice of any kind. The main reasons for this being AI is not regulated (31%) and not trusting it (30%).

However, there is money to be made and saved by Brits as stats show that the nation on average are largely better off after taking AI advice, with a typical Brit earning £1,437.

As a result, 12% of people are already using AI to try and make money and a further 19% intend to do so in the future. The top reason given was to help find cheaper alternative products (23%) – showing there are more everyday ways of using AI for financial guidance. Following closely behind was researching products and services before buying them (21%) and searching for cheaper flights (20%).