More than 28 million UK adults are using AI to help them manage their finances, according to new research from Lloyds Banking Group.
The bank says that the figure means finance is the country’s number one use of AI.
Lloyds Bank’s Consumer Digital Index, found that 56 per cent of UK adults have used AI to manage their money in the past 12 month.
According to the research, ChatGPT is the most popular AI platform, used by one in six people.
The study found that 37 per cent of users engage with AI for investment research and recommendations, with a quarter using it for debt management strategies and 39 per cent of people use it for future financial planning, such as information on pensions.
According to Lloyds, one in three people report using AI once a week or more to help with money matters, which is more than those using it for health advice, shopping recommendations, travel planning or recipe ideas.
Lloyds said the research highlights how can AI empower people to make smarter choices, save more, and build financial resilience for the future.
Users told researchers that they estimate they’ve saved an average of £399 per year thanks to AI-generated insights.
Despite its growing popularity, the report found trust in AI still lags behind usage.
Some 83 per cent of AI users say they worry about data privacy, while 80 per cent are concerned about receiving inaccurate or outdated information. A further 69 per cent of users said that they are concerned about a lack or personalisation based on their personal circumstances.
Lloyds said this highlights a “trust gap” as many people are willing to experiment with AI-driven tools, yet most remain reluctant to rely on them without validation from more established sources and the regulatory oversight that financial matters demand.
With more than one in three adults expecting to increase their use of AI for money management in the next year, Lloyds said combining the cutting-edge technology with trusted expertise will be key to building confidence and unlocking its full potential.
Jas Singh, chief executive of consumer relationships at Lloyds Banking Group, said that AI is helping people to feel more confident about their personal finances and the company is already seeing people use the technology to make smarter choices and build financial resilience.
“But as AI becomes a bigger part of our financial lives, trust is the next frontier,” he added. “People want to be sure the information they receive is accurate, secure and truly tailored to their needs.
“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 research comes after the bank recently revealed details about several of its own AI projects, including the rollout of almost 30,000 Copilot licences as part of its transformation journey.
According to the bank, 93 per cent of its workforce are now actively using Copilot tools.
The AI rollout forms part of the organisation’s wider £4 billion investment in technology and data, which it announced in 2022.
The bank also announced it is putting all senior leaders through a bespoke AI training programme.
More than 110 staff have completed the group’s 80 hour ‘leading with AI’ course.
The programme includes hands-on sessions, virtual masterclasses, and real-world projects with potential future genAI use cases put forward to progress to pilot phase.
