Consumers are increasingly using AI tools to help manage their finances. Uptake started slowly, but is quickly expanding. In our 2025 Financial Health Pulse® U.S. Trends Report, the share of people who said they had used a generative AI chatbot – such as ChatGPT or Gemini – for financial advice more than doubled since 2024, rising from 3% to 7%. 

Other studies echo this shift: a recent study by Intuit Credit Karma, 66% of Americans surveyed who have used GenAI before report using it to seek financial advice. 

While still a small base, the rapid growth signals a significant shift. We analyzed the 2025 Pulse data to gain a deeper understanding of who these early adopters are – and how their perceptions of using AI tools may shape future financial health outcomes.

When analyzing our 2025 Pulse data, two patterns emerged regarding age and income.

• • A generational gap: Younger consumers are more likely to be using AI for financial advice. Fourteen percent of those aged 18-25 and 11% of those aged 26-35 use AI for financial advice, compared to just 1% of individuals aged 65 and older.
  • Income disparity: Upper-income individuals are more likely to turn to AI. Nine percent of upper-income consumers reported using these tools, compared to just 5-6% of those in the middle- and lower-income tiers.

Interestingly, usage is flat across Financial Health tiers – including Healthy, Coping, and Vulnerable households. Because AI tools are widely available to anyone with internet access, this raises important questions for future research. It will be essential to understand the specific use cases across the financial health spectrum, such as whether AI is being utilized for budgeting and debt management by vulnerable individuals or for retirement planning by those in good financial health.

Despite growing adoption, consumer trust in AI chatbots for financial advice remains strikingly low.  Forty-three percent of respondents reported distrusting AI chatbots for financial advice, while only 12% trust them. 

This level of distrust matters. If consumers do not feel comfortable sharing sensitive information, they are unlikely to use AI for anything beyond generic financial advice – limiting its ability to deliver meaningful, personalized support. Adoption could stall, and the potential of AI to advance financial health will be constrained. 

When compared with other sources of financial advice, the gap in trust is stark:

• • Friends or family: 58% trust
  • Financial professionals: 57% trust
  • General AI chatbots: 12% trust
  • Social media: 11% trust

Similar to usage trends, trust in AI is highest among younger and wealthier demographics.

• • By age: About 15-18% of consumers under 50 trust AI for financial advice, but that number drops to just 8% for those aged 50-64 and 3% for those 65 and older. These findings align with research from J.D. Power, which indicates that people under 40 are more likely to trust AI tools.
  • By income: Upper-income individuals are the most trusting demographic, with 14% expressing trust, compared to approximately 10% for other income tiers.

We are still in the very early stages of understanding how AI can support consumers’ financial lives. While our data shows usage has doubled, it is growing from a small base and remains concentrated among a narrow demographic of young, more affluent consumers. Widespread distrust remains a major headwind to broader adoption.

Before AI can be a scalable solution for improving financial health, the financial services industry has a responsibility to investigate its real-world impacts. We must move beyond who is using these tools to understand how it is being used. Stakeholders and innovators might consider: Are these tools leading to better outcomes? What new risks do they pose? 

As an increasing number of Americans face financial vulnerability, AI tools have the potential to unlock greater access to resources and support. To achieve this, the priority must be a commitment to continued research, ensuring that AI solutions are safe, effective, and prepared to improve financial health for all.