Millions of people across the UK are discovering an unexpected financial boost, thanks to the rise of artificial intelligence in managing their money. A major new study from Lloyds Bank has revealed that personal finance has become the most common use of AI in the country.
The Rise of the AI Financial Assistant
According to the research, a staggering 28.8 million adults – which represents 56% of the adult population – have used AI tools to help manage their finances in the past year. This shift marks a significant change in how people interact with their money, moving from traditional methods to digital, intelligent assistance.
The study, which surveyed internet users nationwide, found that the most popular AI-powered tasks are budgeting, saving, and financial education. Beyond these core activities, the technology is being applied to more complex areas: more than a third of users (37%) employ it for investment research, a quarter (26%) for debt management strategies, and nearly four in ten (39%) for future financial planning, including pensions.
Confidence, Savings, and Concerns
The impact of this technological adoption is twofold. On one hand, it is empowering users. The research indicates that two-thirds of internet users feel more confident managing their money because of the tools and insights available online.
This confidence appears to translate into tangible financial benefits. Users estimate that the insights generated by AI have helped them save an average of £399 per year. For Lloyds Bank's millions of customers, this represents a significant collective financial gain.
However, the report also highlights a significant hurdle: trust. Despite the widespread use, four out of five users expressed concern about the potential for receiving inaccurate or outdated information from AI systems.
The Bank's Role in a Digital Future
Jas Singh, CEO of Consumer Relationships at Lloyds Banking Group, commented on the findings. He stated, "AI is rapidly transforming how people manage their money, with the potential for millions of consumers to feel more confident and in control of their personal finances."
He noted that from everyday budgeting to future planning, people are already leveraging the technology to make smarter financial decisions and build resilience. However, he emphasised that trust is the next frontier.
"People want to be sure the information they receive is accurate, secure and truly tailored to their needs," Singh explained. "That’s why banks have a vital role – not just in providing cutting-edge technology, but in combining it with trusted expertise and a deep understanding of our customers."
The commitment from the banking group, which has branches in cities like Birmingham, is to continue innovating with a focus on building reliable tools that provide genuine confidence and clarity for everyone. With one in three people already using AI for their finances weekly or more often, this digital transformation in personal banking is clearly here to stay.
