Humans, Not AI, Trusted by Participants With Financial Tasks

There remains an overwhelming preference for human help, rather than assistance from artificial intelligence, in recent surveys conducted by insurance companies Northwestern Mutual and The Hartford, but respondents are warming up to the use of AI tools—and may recognize that those who understand how AI works are in a better position to assist.

Northwestern Mutual’s survey found that nearly half (47%) of respondents said they prefer to work with a financial adviser who understands and uses AI, and only 30% said they wanted an adviser who does not use AI.

Most Generation Z and Millennial respondents (both 54%) said they prefer an adviser who uses AI, but only 46% of Generation X and 36% of Baby Boomer respondents said the same.

When survey participants were asked whether they trusted humans or AI with financial tasks, the largest majority—56%—said they trusted people more with retirement plans. Similar majorities reported trusting people more with financial questions (55%); developing financial plans, managing investment portfolios and creating savings plans (53% for all three); recommending financial products and updating personal information (52% for both); and providing savings tips (50%).

Fewer than half of respondents (48%) trusted people more to manage a budget, a category in which 18% trusted AI more—the highest level of trust for AI in the survey. Respondents had the lowest level of trust in AI creating a retirement plan (13%).

A larger portion of respondents had similar levels of trust in people and AI for tasks ranging from providing savings tips (25%) and managing a budget (24%) to managing investment portfolios (20%).

Only 31% of respondents said they use AI in their personal time or at work. The Harris Poll, on behalf of Northwestern Mutual, conducted online interviews with 4,626 U.S. adults in January, including 969 high-net-worth individuals with total household assets of at least $1 million.

Wide Gap in Employer, Worker Trust in AI

Employees were less enthusiastic about AI in the workplace than employers, according to a survey by The Hartford. Compared with one year ago, 72% of surveyed employers said they felt more optimistic about the use of AI at work, but only 29% of surveyed employees felt more optimistic. A larger portion of workers (16%) felt less optimistic about the use of AI than employers (5%).

Responding employers and employees also showed major differences in trusting AI with human resources matters. When asked if they trusted AI to make benefits recommendations, 76% of employers agreed, but only 35% of workers did so. When filing an insurance claim for nonmedical benefits, 48% of workers said they prefer human help, while only 9% said they prefer digital tools powered by AI.

Nevertheless, nearly half of surveyed workers (45%) said they want more training about AI. An average of four out of five employers said they were still exploring how to most effectively use AI at work, but they were optimistic.

The Hartford surveyed 701 human resources professionals and 1,000 employees in March.