Are Investors Warming Up To A.I.? More Than A Third Say To Trust ChatGPT-like Software For Investment Advice

"Clearly 2022 was tough: more than half of the Americans we surveyed reported that they were not on track to achieve their financial goals," wrote Tom Van Horn, Magnifi's chief product officer, of a report released by the financial firm looking at the state of personal investing in 2023.

Yet 2023 is starting off on a higher note, said Van Horn.

Based on a survey of over one thousand participants, Magnifi reported 73% of Americans plan to invest in 2023, and over half of them said they'll invest more than last year in spite of the economic downturns.

"Despite high inflation and climate change dominating the news cycles, Americans are more optimistic about investing's potential," said Van Horn.

Negative international and domestic events, such as Tech layoffs and the Ukraine war, are only affecting a minority of investors with 71% stating this news isn't affecting their decisions to invest.

Is A.I. Investing Coming To Stay? Investing with the help of A.I. was a major focus of the survey, based on Magnifi's product offerings which use conversational A.I. tools to advise investors on their investment decisions.

In recent months, conversational A.I. tools like ChatGPT have dominated the tech news cycle, with Microsoft Corp.’s MSFT Bing including a beta version of the software in its search engine.

Sixty-six percent of respondents said they understand how A.I. works. Forty-one percent said they would make investment decisions based on a recommendation from a conversational A.I. program such as ChatGPT, with millennials being three times more likely than boomers to make that choice.

Photo: Pexels