The FINRA Investor Education Foundation (FINRA Foundation) has released a new report, The machines are coming (with personal finance information). Do we trust them? Despite the growing popularity of a...
WASHINGTON: The FINRA Investor Education Foundation (FINRA Foundation) has released a new report, The machines are coming (with personal finance information). Do we trust them?
Despite the growing popularity of artificial intelligence (AI), very few consumers knowingly turn to AI for information on personal finances, according to the report.
“As AI continues to be integrated into consumers’ everyday lives, it is vital to get a better understanding of how they perceive it and how they are using the technology to help make financial decisions. This report found that while more consumers indicated trusting individual financial professionals than AI, there are instances where some consumers preferred AI-generated information related to topics like homeownership and saving,” said FINRA Foundation President Gerri Walsh. “These perceptions could change with time, so it will be crucial for the financial services industry to continue to better understand how consumers interact with AI to better equip them with the resources and knowledge to make sound financial decisions.”
The report and its findings are based on an experimental study involving more than 1,000 adults in the U.S. who were asked about the trustworthiness of hypothetical AI-generated financial information versus information provided by a financial professional. The study focused on four topics: homeownership, projected stock and bond performance, portfolio allocation, and savings and debt information.
Key findings include the following:
Recent FINRA Foundation reports that may be of interest include:
Additional Resources About AI from FINRA:
About the FINRA Investor Education Foundation
The FINRA Investor Education Foundation supports innovative research and educational projects that give underserved Americans the knowledge, skills and tools to make sound financial decisions throughout their lives. For more information about FINRA Foundation initiatives, visit www.finrafoundation.org.
About FINRA
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. FINRA regulates one critical part of the securities industry—member brokerage firms doing business in the U.S. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.
Fonte: Business Wire
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