More than three in four 18 to 24-year-olds have used AI for personal finance, yet they are the least likely generation to feel confident making financial decisions, according to Lloyds Bank. The bank, which has branches in Birmingham, released the findings on August 25, highlighting a financial confidence gap among the country's most AI-savvy generation.
AI use by age group and purpose
The data shows 76 per cent of 18 to 24-year-olds are using AI for personal finance. Among those who have used AI, almost two thirds of 25 to 34-year-olds use it for budgeting and planning, the highest proportion of any generation.
Nearly three in ten 35 to 44-year-olds have turned to AI for mortgage advice, while more than half of 55 to 64-year-olds have used AI to compare insurance products. The bank noted that digital tool use is not limited to younger people, as many older generations are also embracing AI.
Older generations also embracing AI
Nearly half of 55 to 64-year-olds and more than a third of 65 to 74-year-olds have used AI for personal finance, according to the bank. This shows that older generations are just as willing to adopt digital tools when they see value in them.
Jas Singh, CEO of Consumer Relationships at Lloyds Banking Group, said: "Younger people have grown up with technology, which is a great start for making the most of digital tools to manage money, but confidence with money is something that's built over time – and it's the combination of the right tools and knowledge that is the real sweet spot for financial empowerment."
Generations can learn from each other
Singh added: "What's encouraging is that many younger adults are already using tools like AI to help manage their finances, while older generations are proving they're just as willing to embrace digital tools when they see value in them."
"Younger people bring digital confidence and curiosity, while older generations bring experience and financial know-how. There is a real opportunity for generations to learn from each other, while technology can play a positive role in helping more people feel in control of their finances," he said.
