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Half of Americans expect AI to replace their financial advisor, yet trust remains elusive

Financial advisors have been around for decades. They’ve guided people through tough money decisions, like talking them off the ledge when the market dips, or how to invest for the long term. However, with the rise of AI tools, people are looking to tools for advice rather than other humans.

A from found that 51% of U.S. consumers believe that AI will replace financial advisors within the next 10 years. While they may not be wrong about that assumption, the reality is that they are not fully ready for it, either.

1 in 5 Americans Have Already Let AI Make the Call

The AI bots are already staking a claim on the financial advisory world. Twenty percent of the survey respondents said they’ve made a significant financial decision based on AI recommendations. Keep in mind, these are not budgeting tweaks or rounding up spare change. These are huge financial decisions with long-term consequences.

But not all generations treat AI the same. Twenty-nine percent of millennials have relied on AI for a major money move. Thirty-one percent of Gen Z have done so, the highest of any generation, though still a minority. Even among baby boomers, 12% report doing so.

And, even when they use the technology, consumers do not give up accountability. Forty percent of respondents said they would hold themselves responsible for bad AI decisions. It seems that consumers are not blindly following algorithms, even if there is widespread adoption. The data suggests that they treat AI as a second opinion, not the final say.

The Trust Problem: Privacy and Accuracy Are Still Deal-Breakers

Despite the usage of AI in finance, there are speed bumps. Thirty-six percent of consumers say data privacy and security are their top concerns, while another 33% worry about accuracy.

The level of details people are asked to share with an AI tool is high: income details, debt levels, investment holdings, and spending habits. These details are linked to financial identity and can be detrimental to financial safety in the case of a data leak.

Only 31% of consumers would feel comfortable sharing all financial data with AI for personalized advice, reflecting privacy concerns.

A gender gap does stand out, showing a striking difference between how men and women use AI. Forty-one percent of men say they would be comfortable sharing their complete financial picture with AI, compared to 25% of women. Similarly, 15% of men say they trust AI more than a human advisor, versus 10% of women. Not everyone is equally willing to adopt AI, so financial services must address these gaps to achieve broad adoption.

Younger Generations Are Leading the Shift (But Not by as Much as You’d Think)

Unsurprisingly, the younger generations show more interest in AI financial tools. According to the survey, 34% of millennials sought advice from an AI app or chatbot last year. Additionally, 65% of all respondents perceive Gen Z as the group most likely to trust AI over human advisors, even if actual AI adoption remains lower.

However, even Gen Z, the most digitally native group, has not fully embraced AI. Less than a third (31%) have relied on AI for serious financial decisions. Growing up with technology does not always mean trusting it with your 401(k).

This turns the perceptions of generational AI adoption on its head. While yes, younger consumers are experimenting more freely with AI, they are not all-in. The relationship between age and AI trust is more of a sliding scale. The assumption that “young people will just use it” oversimplifies how trust forms around high-stakes decisions.

The Institutional Trust Shortcut

If consumers are cautious about using AI, there is one thing that will restore confidence: a recognizable brand name. Sixty percent of consumers say they are more likely to trust AI financial advice if it is backed by a big financial institution. This shows that brand trust is still important in 2026, even with growing skepticism around corporations and their motives.

It also matters who advises them to use the tool. Fifty-four percent of consumers say they would use an AI financial planning tool if it were a free benefit from their employer. That sidesteps a lot of trust friction. People trust their employer to have their best interests in mind, and having them vet the product eases a lot of concern.

This is the short of it: AI’s entry into the financial advising world will rely heavily on bridging the trust gap. While many expect AI to replace human advisors, what will actually win over consumers is the gradual adoption through reputable institutions.

Summary

The Credit One Bank study shows a country caught between two financial worlds. On one hand, 26% of consumers have used an AI-powered app or chatbot for financial advice in the past year. One in 5 (20%) went further, making a significant financial decision based mainly on an AI tool's recommendation.

Still, most (63%) sought advice from family or friends, and only 31% would feel comfortable sharing all financial data with AI for personalized advice.

Trust in AI is growing, but it comes with guardrails. Consumers are experimenting with AI like someone testing a new restaurant, willing to try it but not ready to host Thanksgiving dinner there.

Methodology

The survey was conducted with Pollfish, polling 1,000 U.S. adults nationwide. Participants answered questions about sources for financial guidance and trust in AI tools versus human advisors. They also shared whether they had acted on AI advice for major financial decisions. The survey asked about privacy, accuracy, and data security concerns.

Responses were sorted by age, income, gender, and ethnicity. This helped surface generational trends, trust gaps, and differences in adoption across groups.

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