# Consumers Turn to AI for Financial Advice > Source: > Published: 2026-06-17 10:24:34.567616+00:00 # Consumers Turn to AI for Financial Advice The Week reports that younger consumers are increasingly using AI for personal finance decisions. Research by Fidelity International, cited in The Week, found that more than a third of 18- to 34-year-olds use AI when making investment choices. Analysis by consumer watchdog Which? found that AI tools can "make mistakes, misread information and even give risky advice," with specific errors including getting the ISA allowance wrong. Moneybox's director of personal finance, Brian Byrnes, told The Independent (cited by The Week) that AI can help "remove this barrier" for people who "feel shame" about money knowledge and assist with "translating and explaining complex finance jargon into plain English," but advised people should "never rely on these tools for actionable financial or tax advice." MoneyWeek notes AI "can't take responsibility if the guidance is wrong," unlike a regulated financial adviser. ### What happened The Week (June 17, 2026) reports that AI is increasingly used for personal finance decisions by younger consumers. Research by **Fidelity International**, cited in The Week, found that more than a third of **18- to 34-year-olds** use AI when making investment choices. The article also cites an analysis by consumer watchdog **Which?** that concluded AI tools can "make mistakes, misread information and even give risky advice," including specific errors such as getting the ISA allowance wrong when tested. The Week also draws on comments from **MoneyWeek** and **MoneyHelper**. ### What the experts and tests found **Which?** tested AI tools and found "glaring errors" - for example, when asked about a 25,000 pound annual ISA allowance (the real allowance is 20,000 pounds), tools including ChatGPT and Copilot failed to flag the error and instead gave advice that could risk ISA oversubscription, per the Which? analysis. **MoneyWeek** notes a core structural limitation: AI "can't take responsibility if the guidance is wrong," unlike a regulated financial adviser who knows your goals, tax position, time horizon, and risk tolerance. **MoneyHelper** warned that AI tools can "sound confident even when they're wrong." ### Practitioner context **Brian Byrnes**, Moneybox's director of personal finance, told The Independent (cited by The Week): AI can help "remove this barrier" for people who "feel shame" about money knowledge and assist with "translating and explaining complex finance jargon into plain English," but cautioned that people should "never rely on these tools for actionable financial or tax advice." The Week also cites NerdWallet as framing AI as useful for "getting a better understanding of financial topics" such as basic information on budgeting, estate planning, or insurance. ### What to watch Follow formal evaluations from consumer watchdogs such as Which?, vendor transparency on model training data, FCA guidance on AI-driven financial advice in the UK, and whether the gap between AI-assisted financial education and regulated advice becomes a compliance focus area. ## Scoring Rationale Solid consumer-AI adoption story corroborated by Fidelity International research and Which? testing, relevant for practitioners building AI finance products and compliance teams. Not a frontier technical development; the Which? errors and expert caution add editorial substance but the story is observer-level rather than industry-shaping. Practice interview problems based on real data 1,500+ SQL & Python problems across 15 industry datasets — the exact type of data you work with. [Try 250 free problems](/problems)