HAI Seminar: AI Financial Advice: Supply, Demand, and Life Cycle Implications
Over half of US and UK households have already turned to LLMs for financial advice
“if you were to survey U.S. households and ask them, have you asked any LLM about personal finance? you get numbers, for example, over half of households in the US and UK have turned to these tools for financial advice”
Stanford GSB professor Tim de Silva presented research at an HAI seminar showing that over half of US and UK households have already used LLMs for financial advice — a striking adoption rate given decades of research showing people resist using human advisors. The research explores how AI financial advice varies by user goals and life stage, with implications for household financial decision-making policy. The finding reframes AI not as a future financial tool but as one already embedded in everyday consumer financial behavior.