Fear of Judgment Pushes Nearly One in Five Brits to Prefer AI Over Human Financial Advisers, Plum Study Finds
Fear of Judgment Pushes Nearly One in Five Brits to Prefer AI Over Human Financial Advisers, Plum Study Finds #
Nearly one in five British consumers prefer turning to an AI assistant over a human professional for financial questions, according to research commissioned by smart money app Plum.
The study found 18% of respondents would go to an AI assistant first with a financial query, one percentage point behind the 19% who would consult a traditional financial adviser. Sixteen percent said they would contact their bank, and the same proportion would use a standard internet search. Family members came in at 15%. Social media influencers, known as “finfluencers,” ranked last at 1%.
Plum said the results point to emotional and linguistic barriers discouraging people from consulting human advisers or banks, including fear of judgment, unfamiliar jargon, and embarrassment. The company said AI tools’ availability and non-judgmental responses appear to attract users who find those barriers too high.
The findings come as regulators and consumer advocates have noted an “advice gap”: the shortage of affordable guidance for people who cannot afford a professional adviser but still need help with mortgages, savings, pensions, and debt. AI assistants are increasingly being used to fill that gap, offering immediate and private answers to questions users may feel reluctant to ask in person.
Plum, which has its own AI-powered guidance product called Plum Plan, said the data points to commercial opportunity in serving users who want financial information without social risk.
The Financial Conduct Authority continues to scrutinise consumer-facing AI tools for accuracy, suitability, and compliance with financial promotion rules.
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