Do People Trust AI on Financial Decisions? It Depends on Who They Are

Trust in AI for financial decisions varies, with familiarity and understanding of AI playing a crucial role in shaping people’s willingness to rely on it.

 

Copyright: theconversation.com – “Do People Trust AI on Financial Decisions? It Depends on Who They Are”

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When it comes to investing and planning your financial future, are you more willing to trust a person or a computer?

This isn’t a hypothetical question any more.

Big banks and investment firms are using artificial intelligence (AI) to help make financial predictions and give advice to clients.

Morgan Stanley uses AI to mitigate the potential biases of its financial analysts when it comes to stock market predictions. And one of the world’s biggest investment banks, Goldman Sachs, recently announced it was trialling the use of AI to help write computer code, though the bank declined to say which division it was being used in. Other companies are using AI to predict which stocks might go up or down.

But do people actually trust these AI advisers with their money?

Our new research examines this question. We found it really depends on who you are and your prior knowledge of AI and how it works.

Trust differences

To examine the question of trust when it comes to using AI for investment, we asked 3,600 people in the United States to imagine they were getting advice about the stock market.

In these imagined scenarios, some people got advice from human experts. Others got advice from AI. And some got advice from humans working together with AI.

In general, people were less likely to follow advice if they knew AI was involved in making it. They seemed to trust the human experts more.

But the distrust of AI wasn’t universal. Some groups of people were more open to AI advice than others.

For example, women were more likely to trust AI advice than men (by 7.5%). People who knew more about AI were more willing to listen to the advice it provided (by 10.1%). And politics mattered – people who supported the Democratic Party were more open to AI advice than others (by 7.3%).[…]

Read more: www.theconversation.com

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