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Brits Turn to AI Chatbots for Financial Advice, But Can We Trust Them?
“AI should be used to complement careful, expert-led research, not replace it,” Michele Tieghi, Financial Expert and Founder of psyfi money, said.
Elizabeth Greenberg
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It’s estimated that over half of UK adults use AI for financial advice according to Lloyds Bank, including guidance on cryptocurrency. As AI continues to rise in popularity, the British public’s reliance will naturally follow suit.
But which AI model can you rely on for your investment advice? Experts at psyfi money conducted a study looking at which of the most popular AI models is the best for providing investment advice.
The study evaluated each response based on several key criteria: the amount of jargon used, beginner-friendliness, accuracy, relevance, length, price discrepancy of cryptocurrencies, and the inclusion of up-to-date legal and regulatory information. These factors were combined to calculate a total index score out of 100 for each provider.
“Recommending a non-FCA-registered exchange as the safest option for a beginner is about as concerning as it gets,” said Michele Tieghi, founder of psyfi money. “Investors could be left without asset protection and exposed to market manipulation.”
While other models mentioned Binance more cautiously, the error highlights the broader risk of AI systems presenting outdated or incorrect compliance information with confidence.
Elizabeth Greenberg
Staff Writer
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