Bread Financial® study finds 7 in 10 of people believe AI will play a big role in financial services in the next 10 years

The survey also found that a majority of people already use AI financial tools

COLUMBUS, Ohio - June 9, 2025 - A new study from Bread Financial® (NYSE: BFH), a tech-forward financial services company that provides simple, personalized payment, lending, and saving solutions reveals that over half of respondents (52%) report actively using artificial intelligence (AI) financial tools, such as chatbots for customer service and robo-advisors for investing, and seven in 10 think the tech will play a large role in managing their money within the next decade. Yet, consumers still view AI as an assistant tool in their financial planning, not a replacement for human expertise. In fact, a majority (65%) desire human intervention when it comes to managing their money.

Further, the survey uncovered that only 35% of respondents say they would switch to using AI over a human financial advisor, even if AI could guarantee higher returns. On the flipside, many are comfortable with banks and other financial institutions using AI to manage tasks that require precision and speed, with little to no human intervention. These areas include fraud detection and prevention (47%), credit scoring (43%) and customer support (36%).

Additional key findings include: 

• A Tool for Day-to-Day Financial Wellness — The study found that AI is most trusted as an assistant tool for routine personal financial decisions and tasks that improve financial wellness. Top areas where respondents would consider using AI tools with little to no human interaction include budgeting and expenses (43%), improving financial literacy (34%), paying bills (32%) and filing taxes (25%). Given the opportunity to design any AI service to improve their financial wellness, more than one in five (21%) of respondents favored a financial health dashboard, further highlighting how consumers are looking to AI for financial 

  betterment.  

  By contrast, respondents trust AI less with tasks where the stakes may be higher such as managing a savings account (19%), paying rent or mortgage (17%), and managing an investment portfolio (16%).

     

• Digital Natives Lead the Charge —Notably, Gen Z (54%) and Millennials (65%) indicate that they use AI tools to manage their money, notably higher than Gen X (21%) and Boomers (9%). Younger generations are also interested in how AI can help them improve their financial literacy. Specifically, Gen Z (41%) and Millennials (40%), indicate they would use AI to understand how to improve their finances with little to no human 

  intervention.  

  Younger generations are also interested in the future of AI in financial services. Gen Z (21%) and Millennials (28%) indicate that they are excited about how AI can improve their financial lives. When asked whether they would switch to an AI advisor over a human advisor if it could guarantee higher returns, 47% of Millennial and 39% of Gen Z respondents say they would, compared to just 33% of Gen X and 20% of Baby Boomer respondents.

     

• Apprehensions Abound: — Despite the growing adoption of AI financial tools, nearly half of respondents (48%) still refrain from using them, indicating lingering apprehension regarding AI’s role in personal 

  finance.  

  Among those who are apprehensive, this caution stems from key barriers in adoption such as, trust issues (33%), a preference for human financial professionals (31%), a perceived lack of need for AI tools (25%) and a general lack of understanding of these technologies (22%). Additionally, respondents overall expressed significant concerns about AI in finance regarding data security (55%), privacy (54%), lack of regulation (39%) and lack of human judgment (39%).

"Younger generations are increasingly leveraging AI tools for financial decisions, particularly in areas like budgeting and fraud detection, as shown in our findings," said Jessica Calaway, senior manager, thought leadership & consumer insights at Bread Financial. "While AI offers significant benefits, we know that personalized human support remains crucial. By combining both AI and human oversight, with the right education, consumers can be empowered to make the best financial decisions for their individual needs."