BMO Survey: Over 1/3 of Americans Use AI for Finances

1. The BMO Real Financial Progress Index indicates a rising trend among Americans, particularly within Generation Z, in utilizing artificial intelligence (AI) for financial and investment management.

Of the 37% of Americans employing AI for financial assistance, the predominant applications include enhancing knowledge of personal finance topics (49%), developing and/or revising household budgets (48%), discovering new investment strategies (47%), increasing savings (47%), and formulating and/or updating financial plans (46%). Despite the advantages AI offers in managing certain financial elements, approximately two-thirds (64%) believe that AI lacks the capability to comprehend the emotional factors that affect financial planning.

"AI presents significant opportunities for transforming our financial management practices by delivering real-time insights and analyses. Nevertheless, financial management transcends mere analytics; it is a profoundly personal endeavor influenced by emotions, experiences, and individual life situations," stated Paul Dilda, Head of U.S. Consumer Strategy at BMO. "While AI can efficiently manage technical tasks and routine operations, a professional advisor provides the essential human element, offering tailored guidance and empathy. The combination of both creates a comprehensive approach to financial management, helping more Americans remain aligned with their objectives and achieve genuine financial advancement."


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