Artificial intelligence (AI) isn’t just for tech experts anymore. According to Lloyds Bank’s new Consumer Digital Index, more than 28 million UK adults now use AI tools to help with their money.
That means over half the country has asked an AI for advice on things like budgeting, saving or paying off debt.
So, what’s everyone using it for, and can it really help you manage your money better?
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How AI is being used to save and budget
The research found that most people are using AI to plan budgets, build savings, and learn about money.
Around four in ten have used it for pension or long-term financial planning, while a quarter say it’s helped them with debt management.
Some people even use AI for investment research or checking out better deals, the sort of tasks that can take ages to figure out on your own.
On average, people say they’ve saved around £399 a year by using AI-generated tips and insights.
That’s nearly £8 a week, which could easily cover a takeaway, a couple of streaming subscriptions, or a good chunk off the weekly food shop.
Growing trust, but still some worries
While millions are giving AI a go, most people still don’t fully trust it.
Four in five users are worried the information they get might be wrong or out of date, and over 80% are concerned about their personal data being used in ways they don’t like.
That means while AI is helping, most people still double-check what it tells them, especially when it comes to money.
Skint Dad says:
AI can be handy for quick tips or learning about money, but it’s always best to double-check what it tells you. Treat it as a helper, not a financial adviser.
Digital confidence makes a big difference
The report also shows that being confident online can make a huge difference to your finances.
Two-thirds of people say the internet helps them feel more in control of their money. Those who are good with digital tools save, on average, £815 more a year than those who aren’t.
People with better digital skills are also less likely to lose sleep over money worries.
It’s proof that learning a few online basics, such as how to compare bills, spot scams, or use budgeting apps, really can make life easier.
Getting help to build digital skills
If you want to feel more confident online, Lloyds Bank runs free sessions through its Lloyds Bank Academy.
It offers online courses, local workshops and one-to-one phone help to get you started with digital and financial tools.
You don’t need to be a Lloyds customer to join, and it’s designed for all skill levels, from learning how to set up online banking to spotting fake websites.
The bottom line
AI is changing how we manage money, but trust and confidence are still key.
Used wisely, these tools can help you make smarter choices and save more. But no app or chatbot replaces common sense, or checking facts before acting on advice.
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