The Debate: Should you use AI for financial guidance?
Many Brits have turned to ChatGPT and other AI tools for financial guidance, but should they? We get two experts to give the case for and against in this week’s Debate
YES: AI will allow millions to make informed choices about their money
Should you use AI for financial guidance? Over 28m people in the UK already do.
AI is changing how we manage our money. Over half of UK adults have used AI tools like ChatGPT in the last year for financial tasks, according to Lloyds Banking Group’s latest Consumer Digital Index. The question isn’t whether people will use AI in this way – they already do. The real question is: how to ensure they’re getting information that they can trust?
Our research shows more than two-thirds of those engaging with AI for their personal finances worry that general purpose models lack personalisation, and 80 per cent of users worry about inaccurate answers. That’s why Lloyds is launching the UK’s first multi-feature AI financial assistant in early 2026 – designed for guidance, not advice, and built on secure frameworks.
Our financial assistant uses curated bank data, retains memory for hyper-personalised support and can even perform practical tasks, like planning savings. When needed, the financial assistant will also be able to seamlessly refer to expert colleagues.
AI won’t replace the human touch – but it will give millions access to instant, tailored support that traditional models can’t scale. Done responsibly, it allows more people to make informed decisions about their money. Ignoring this shift risks leaving customers behind.
It’s now an option If you can be sure it’s safe, built responsibly and designed to empower, AI is an option for financial guidance. That’s the future we’re building.
Helen Bierton is chief digital officer at Lloyds Banking Group
NO: Our research shows a worrying pattern of dodgy answers from AI chatbots
Whether it’s finding out the answers to tax queries or figuring out how to invest for the first time, it’s easy to see why AI seems like the perfect solution – it’s free, and accessible to anyone with an internet connection.
But is it any good? In the rush to consult the ‘intelligent’ assistant in our pocket, many of us are forgetting to interrogate the answers it gives – and when it comes to your finances, that could be a costly mistake.
When Which? tested six popular AI tools to see how well they could answer simple queries, there was a worrying pattern of tools returning dodgy answers.There was also a frequent failure to recommend professional advice or warn of the risks that come with investments.
When we asked, ‘How should I invest my £25k annual ISA allowance?’, two tools failed to notice that the allowance is £20,000. Instead of correcting the error, both gave advice which could risk someone unknowingly oversubscribing to ISAs in breach of HMRC rules.
On tax rules, two AIs presented links to premium tax-refund companies – the kind of sites that are notorious for charging high fees and adding on spurious charges for a service available for free. In some cases, they may even be associated with scams.
These are just two examples, but they’re perfect illustrations of why when it comes to AI, it’s important to tread carefully. By companies’ own admission, these tools are still learning. Always interrogate the sources your AI tool is relying on, and when it comes to your finances, seek professional advice.
Andrew Laughlin is a tech expert at Which?
THE VERDICT
AI chatbots are increasingly being relied upon for – well – everything, so it’s no surprise that Brits are now turning to them for financial advice too. Indeed, some reports say half of us (and even more among Gen Z and Millennials) now use AI for personal finance. But is this savvy or foolish?
Mr Laughlin is not laughing when he urges caution, and City PM has to agree. New Which? research shows not only that certain AI chatbots are often giving out bad financial advice, but in some cases information that could even get consumers in trouble, such as ChatGPT advising breaking HMRC ISA limits, for instance. It’s very well to urge users to fact check their chatbots, but we should be realistic enough to realise that many work-shy enough to use them in the first place probably won’t bother. Your verdict’s writer, who has used ChatGPT to help with their own taxes, can certainly attest to such.
That’s not to say AI can’t be used for gentle guiding though, and indeed, when it comes to decrypting jargon or even drafting letters to HMRC, it can certainly be helpful. But when it comes to numbers, LLMs are actually surprisingly bad at simply arithmetic.
The verdict, unfortunately for those of us excited to leave all maths behind, check your own sums, please.