A substantial majority of Britons express distrust in AI chatbots when it comes to making decisions about their pensions, according to new research. While a segment of the population is open to using AI for tasks like setting household budgets or finding savings deals, retirement planning remains a sensitive area where AI assistance is largely shunned.
The study, conducted by Aegon, surveyed 2,000 adults and found that 65 percent would never entrust AI with making financial decisions for them. This reluctance is particularly pronounced among older demographics, with 88 percent of individuals over 55 expressing skepticism about using AI for any financial topic, including household budgets.
Even younger adults, aged 18 to 34, who generally show more comfort with AI for financial management, are hesitant to seek its help for pensions. Only one in five in this age group indicated they would ask AI for assistance with retirement planning. This figure drops to one in six for those aged 35 to 54, and to just one in twenty for individuals over 55.
Dr. Tom Mathar, head of Money:Mindshift at Aegon, noted that retirement planning differs fundamentally from day-to-day financial management. "It's not just about money," he stated. "It's about the kind of life people want to lead, how long that money needs to last, and balancing the needs of their present self with the hopes of their future self."
Former Pensions Minister Steve Webb, now a partner at LCP, offered guidance for individuals considering using AI for financial inquiries. He highlighted the risk of AI "hallucinating" or providing incorrect information. Webb advises users to request sources, preferably official ones like the gov.uk website, to verify the accuracy of AI-generated answers. He also suggests experimenting with different phrasing of questions to potentially yield more comprehensive results.
The research suggests that while consumers may increasingly integrate AI into their financial routines, retirement planning is perceived as a deeply personal and long-term commitment tied to security and future life expectations, making it an area where human judgment and trust remain paramount.