Financial advice can be expensive and out of the reach of many, leaving a growing number of Australians to seek such advice from chatbots such as ChatGPT and Gemini.
Recent research by data insights firm RepTrack, commissioned by the Super Members Council, has found that more than one in three Australians are already using AI tools to research superannuation and retirement, with more actively considering turning to those sources.
This is despite broad findings that most Australians would far prefer to talk to a human regarding financial advice. Similarly, many who do seek super advice from chatbots are nonetheless concerned about privacy and accuracy.
Despite utilising advice provided by AI, almost half of those who use AI platforms do still check with their super platform, while others double-check AI-provided advice against government websites and other professionals, at least.
The findings have led Super Members Council CEO, Misha Schubert, to call for more affordable guidance options.
"Australians are increasingly turning to AI because they are looking for simple, accessible and affordable help to understand their super and retirement options,” Schubert said in an August 13 statement.
"But people are also telling us they really don't want to rely on AI alone. They want trusted sources of information, strong consumer safeguards, and access to human support and reassurance when making financial decisions that will affect their future."
According to Schubert, the findings illustrate the importance of the government legislating its “long-promised” Delivering Better Financial Outcomes reforms, which it first promised three years ago.
"Australians shouldn't have their advice options limited to only expensive full-service comprehensive financial advice on the one hand or the Wild West of unregulated AI tools on the other, with nothing in between to serve the needs of 'the missing middle',” Schubert said.
"The rise of AI highlights the urgent need for more accessible sources of trusted financial guidance. Australians deserve access to safe, affordable and reliable advice that helps them make informed decisions about their retirement."
“Legislating the Delivering Better Financial Outcomes reforms will help more Australians get the guidance they so desperately need and want from trusted professionals and institutions with strong consumer protections."
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