ChatGPT is a key source of financial advice for UK investors, according to a study by communications agency AML Group and researcher The Nursery.
Some 42% of investors between the ages of 18 and 34 have already gone to artificial intelligence-powered ChatGPT for investment advice, according to the study.
73% of the 1,100 respondents to the survey believe the large language model will give reliable investment advice in the future.
“While ChatGPT is currently not regulated, its perceived promise as a source of advice in the future across age groups is remarkable,” AML Group strategist Sarah Nunneley commented.
“The ‘new’ generation of investors is already here and they are looking at what is on offer, weighing up their options and it seems robo-advice and AI are coming up on top,” she added.
Changing investor habits were also noted in the study, with higher living costs prompting a reduction in environmental, social and governance-centred investments.
A growing number of people were also found to be investing through a “self-reliant approach,” choosing to look online rather than contacting financial advisors.
“We’re seeing the cumulative effect of relentless bad news in increasing investors’ belief in their ability to make investment decisions,” AML strategy head Christian Barnes said.
“Be they prioritising away from ethical […] adding high-interest savings accounts or keeping their portfolios the same. Self-reliance is the new selfishness.”