Embarrassed people turning to unreliable sources for financial help
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People are turning to AI for financial advice as new data reveals one in five 18-24 year olds have used artificial intelligence tools for help with money. The Money Talks report from MoneySuperMarket and suicide prevention charity Campaign Against Living Miserably (CALM) shows younger people are also being influenced by financial content on social media.
The report also found that young people are feeling pressured by social media to make more money, with a third saying the content they viewed made them feel they have to be financially successful. And one in 10 said that after going online they felt influenced to invest in riskier products such as NFTs or cryptocurrency.
Four out of 10 young people said they did not feel confident when it comes to money, but over half said embarrassment would stop them from asking friends, family or other adults in their lives for help with managing money. Instead, they are using AI tools and social media to fill in the gaps in their financial knowledge - leaving them vulnerable if they do not check if that information is accurate and credible.
MoneySuperMarket's personal finance expert Kara Gammell said: 'This research underscores the financial and mental health challenges facing younger people. The taboo that stops people talking about money and money worries is not only impacting people's finances, it's harming their well-being too.
'We're proud to partner with Campaign Against Living Miserably on the Money Talks campaign. Together, we're providing resources and support to make it easier to talk about money and to access information to help make financial decisions. These resources are available for everyone at moneysupermarket.com/moneytalks.'
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