3 in 4 young Brits are now using AI to manage their money
Key Points
- 76% of 18 to 24-year-olds have used AI for personal finance, the highest of any UK age group
- 47% of 55 to 64-year-olds and 35% of 65 to 74-year-olds have also used AI for money management
- 64% of 25 to 34-year-olds use AI for budgeting and planning, the highest share of any generation
- 28% of 35 to 44-year-olds have used AI for mortgage advice; 57% of 55 to 64-year-olds have compared insurance with it
- Financial confidence rises with age, from 64% among 18 to 24-year-olds to 85% among 65 to 74-year-olds
More than three in four (76%) 18 to 24-year-olds in the UK have used AI for personal finance, according to new analysis from Lloyds Banking Group.
The figure makes the age group the country’s most enthusiastic adopters of AI for money management, well ahead of every other generation measured.
However, the data shows that adoption is far from limited to just young people. Nearly half (47%) of 55 to 64-year-olds and more than a third (35%) of 65 to 74-year-olds have also used AI for personal finance, a level of take-up that runs against the usual assumptions about older users and new technology.
What people ask AI to do changes as their financial lives change.
Among those who have used AI for personal finance, almost two thirds (64%) of 25 to 34-year-olds use it for budgeting and planning, the highest share of any generation.
Nearly three in ten (28%) of 35 to 44-year-olds have turned to AI for mortgage advice, and more than half (57%) of 55 to 64-year-olds have used it to compare insurance products.
Over half of 35 to 44-year-olds who have used AI for personal finance apply it to budgeting and planning, which Lloyds said helps them make progress towards larger goals such as reducing debt and preparing for a mortgage.
Confidence with money does not track adoption. Among people who use digital tools to manage their finances, 64% of 18 to 24-year-olds say they feel confident about their finances, rising steadily to 85% among those aged 65 to 74.
Older users tend to be more selective about the technology they adopt, favouring trusted sources such as banks and in-person advice alongside digital tools.
Among over-75s who do use digital tools, almost a third report positive outcomes, more than any other age group.
More than half of 65 to 74-year-olds who use digital tools say those tools help them feel more in control of their money.
“Younger people have grown up with technology, which is a great start for making the most of digital tools to manage money, but confidence with money is something that’s built over time – and it’s the combination of the right tools and knowledge that is the real sweet spot for financial empowerment,” said Jas Singh, CEO of Consumer Relationships at Lloyds Banking Group.
“Younger people bring digital confidence and curiosity, while older generations bring experience and financial know-how. There is a real opportunity for generations to learn from each other, while technology can play a positive role in helping more people feel in control of their finances.”
The findings come from Generation gains, a spotlight on financial empowerment drawn from the bank’s Consumer Digital Index, which tracks how digital tool use shifts across different life stages.
