Consumer group Which? has warned that UK adults should be more cautious when receiving financial advice from AI chatbots following new research.
According to a survey conducted by the group, around half of AI users in the UK trust the information they receive from chatbots to a “great” or “reasonable” extent, rising to two-thirds among frequent users
Which? also found that around one in six UK AI users “always or often” rely on the technology for advice on financial matters.
The group has warned against this practice following an investigation that covered six mainstream AI chatbot tools including ChatGPT, Gemini and Meta AI.
According to the results, while useful for basic research regarding finance, the group detected “glaring errors”, “incomplete advice” and several “ethical issues”.
Errors included inaccurate figures regarding the current ISA allowance and broadband compensation rules and a failure to give a “complete picture” on specific rules and requirements, for example, not clarifying that certain legal and financial rules differ depending on the UK region one is in.
Another point of concern was how infrequently chatbots, which consistently presented their advice in an “overconfident” manner, advised the user to consult a registered professional for legal and financial queries.
Which? concluded that if a user is interested in AI chatbot support for these matters, it is important to clearly define and refine queries, always ask to see sources and multiple opinions and ultimately seek professional human support for complex and sensitive situations.