Younger Buyers Turn to AI for Advice

Younger home buyers are increasingly turning to AI to build financial knowledge and make money decisions.

Great Southern Bank’s No Place Like Home report says that about 38% of Gen Z and 34% of Millennials use AI to help inform their financial and buying decisions.

More than half of Gen Z respondents say they trust sourcing financial information from social media (56%) and “finfluencers” (52%), while 64% trust AI platforms, despite warnings from financial regulators about the possible risks.

Great Southern Bank Chief Customer Officer, Rolf Stromsoe says AI is quickly becoming a mainstream source of financial information for Australians.

“Our findings show that while AI platforms continue to gain traction, human advice remains the most trusted and valued source of guidance for Australians making significant financial decisions,” he says.

Despite more turning to AI platforms for advice, the report says 69% of Australians consider the advice from mortgage brokers, financial advisers and banks to be more valuable.