Australians find ChatGPT and other artificial intelligence tools useful for researching financial matters but are wary of relying on them to make important decisions, according to new research from TAL. 

Almost 3.1 million Australians are using AI to help manage their financial activity, the joint research with advisory firm McCrindle found. 

However, two in five (42%) strongly or somewhat disagree they feel comfortable using AI for major financial decisions as they recognise the ‘false confidence’ using digital advice can give, the research report said. 

“Australians face a tension when it comes to using AI … AI is useful for information, but less trusted for life decisions,” the report noted.

The research found Australians remain significantly more likely to act on advice from a paid financial adviser than guidance from AI, family, online resources or social media.

TAL Group CEO and MD Fiona Macgregor says the findings highlight a broader shift in how Australians are navigating financial decisions, with trust becoming more important.

“The organisations that thrive will be those that understand how this is changing behaviour,” she said.

“While technology is making information easier to access, it's also reinforcing the importance of trust, human judgement and genuine connection when people are making important decisions.”

Click here for the full report.