Brits who have used AI for financial advice lose £1,288 on average, according to a new study.
The study by the UK’s most trusted savings site, VoucherCodes.co.uk, looks at the nation’s earnings from listening to artificial intelligence’s financial advice and their sentiment towards it, with 7.2m Brits1 (12%) admitting to having already attempted to boost their bank balance with AI.
Breaking the data down there’s a clear difference between genders when it comes to AI-led financial losses, with British males losing £1,711 on average (33% more than the national average), compared to just £489 by their female counterparts (62% less than the national average).
Looking at AI losses by generation, 35–44-year-olds have lost the most amount of money totaling £2,938 each – this is 889% more than Gen Zs (those 18-24) who lose the least amount of money at only £297.
Generational breakdown of the average amount Brits lose through AI financial advice
| Age group | Average amount lost | % Increase/Decrease against national average |
| 18-24 | £297 | -77% |
| 25-34 | £989 | -23% |
| 35-44 | £2,938 | +128% |
| 45-54 | £1,328 | +3% |
| 55+ | £402 | -69% |
| National Average | £1,288 |
As high-stake losses are a possibility, it’s unsurprising that not all Brits are willing to take a gamble with using AI for financial help. More than a quarter of Brits (28%) would not use AI programs such as Chat GPT if they lost up to £100, and over a tenth of all Brits (12%) would cease their trust in AI for financial help if they were as little as £10 down.
Furthermore, a third (34%) of Brits claim that they wouldn’t consider using AI as a tool to earn extra cash, with 32% admitting they’d prefer taking human advice of any kind. The main reasons for this being AI is not regulated (31%) and not trusting it (30%).
However, there is money to be made and saved by Brits as stats show that the nation on average are largely better off after taking AI advice, with a typical Brit earning £1,437.
As a result, 12% of people are already using AI to try and make money and a further 19% intend to do so in the future. The top reason given was to help find cheaper alternative products (23%) – showing there are more everyday ways of using AI for financial guidance. Following closely behind was researching products and services before buying them (21%) and searching for cheaper flights (20%).
Richard Lane, Director of External Affairs at StepChange Debt Charity, said: “It may seem tempting to use AI when it comes to getting financial advice, as a quick and easy option, however, it’s really important to always go to sources you can trust. When it comes to looking for help with your finances or debt advice online, it can be difficult to know what is reliable, as scammers and impersonators of reputable companies are common. Beware of ads or deals that seem too good to be true, or anything that purports to be ‘government backed’. If unsure, double check company names and details using the ‘FCA register’ to check they are authorised to provide financial or debt advice.
“If you are struggling with debt, you don’t have to suffer in silence – a charity like StepChange can support with budgeting and free and impartial advice, tailored to your personal circumstances. Visit stepchange.org to get started. Opening up about your money worries can be the most important step in getting your finances and life back on track.”
Anita Naik, Savings Expert at VoucherCodes.co.uk commented: “People are always on the lookout for new and creative ways to save money, as the data quite clearly shows. However, it should be made clear that using artificial intelligence for financial help can come with great risk as it remains unregulated.
“When investing, always remember to safely consult a Financial Conduct Authority (FCA) regulated human advisor who will be able to help provide a tailored and affordable plan best fitted to your finances. In the meantime, if you’re hoping to find an excellent deal on everyday items, check out VoucherCodes.co.uk, where all of our codes hand tested by real people.”
