AI' Credit: KikkyCNX/Adobe Stock
Although artificial intelligence is playing an ever-increasing role in the lives of Americans, they still trust financial advisors more when it comes to money management, according to Northwestern Mutual’s 2025 Planning & Progress Study.
Americans indicated they trust humans significantly more than AI alone to perform such tasks as creating a retirement plan, answering financial questions, developing a tailored financial plan, making asset allocation decisions, creating a savings plan and recommending financial products. Respondents were slightly more trusting of AI to provide financial savings tips and manage a budget, although human interaction still had the edge, the report found.
“Financial planning isn’t just about numbers on a spreadsheet – it’s an emotional discussion around a person’s life goals," said Jeff Sippel, chief strategy officer at Northwestern Mutual.
These conversations are complex, delicate and deeply personal. Clients want to discuss their options with a trusted financial advisor who understands their needs and the trade-offs associated with these big financial decisions at a human level.”
The study revealed that one-third of U.S. adults are using AI in their personal or professional lives, and as such they appear to recognize the value AI can add to financial planning when combined with human guidance. Nearly half of Americans said they prefer to work with a financial advisor who understands and uses AI. This is especially true among younger Americans, with 54% of Gen Z and millennials preferring an advisor who incorporates technology compared with 48% of Gen Xers and 36% of baby boomers.
Particular tasks are well-suited to AI tools, including detecting fraud, predicting future trends, modeling financial scenarios and capturing information during meetings, survey respondents said.
A healthy skepticism about the trustworthiness of AI extends beyond financial services. A majority of U.S. adults said they do not yet trust AI to drive cars, teach classes, officiate sports games, provide health care services, take care of children or produce art, the study found.
“In a world where technology is advancing so quickly, it will be fascinating to see how Americans’ attitudes on AI – and its presence in our everyday lives – continue to evolve,” said Sippel. “It speaks to the fact that AI isn’t positioned to eliminate these roles, but that people can leverage the technology to create efficiencies and eliminate redundancies in the workplace.”
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