Almost half of older savers do not trust artificial intelligence to help manage their finances, says PensionBee.
Research from the online pension provider found 45% of over-65s say they either don’t fully trust AI or don’t trust it at all to provide accurate financial guidance. In comparison, 33% of those under 65 and 27% of 18-34 year-olds share the same concerns.
Additionally, more than a fifth (22%) of over-65s said they did not see any benefits to using AI in pension customer support, more than double the 10% of under 65s and significantly higher than the 5% of 18-34 year olds who said the same.
PensionBee said the research also showed differing levels of scepticism depending on income. More than two fifths (41%) of those with a household income below £35,000 responded negatively, while 18% of those earning over £75,000 expressed the same concerns. Similarly, 15% of lower-income respondents said they saw no advantages at all to AI in pension customer support, compared to just 4% of higher earners.
When asked to rank their top concern, 29% of those with a household income below £35,000 and 25% of over-65s said they worried that AI could make it harder to speak with a human adviser.
Pension Bee said the findings highlight the need for AI to complement rather than replace human interaction.
Luis Mejia, VP of data at PensionBee, said: “These findings reflect broader public concerns about the growing role of AI in everyday life. While younger and higher-income savers tend to be more optimistic about its benefits, older and lower income savers have valid concerns about AI replacing human interaction.
“To ensure AI-driven services deliver real value to all customers, pension providers must prioritise accessibility, maintain accurate and reliable information and uphold the highest standards of data security. Most importantly, human advisers must remain easy to reach, reinforcing trust and confidence in the support available.”
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