But older investors are more likely to be reticent than their eager young counterparts
It’s almost impossible to avoid proclamations about artificial intelligence these days, with the technology helping to fuel tech stocks rebound in 2023.
But as the investment industry considers the possibilities as a tool for advisors, portfolio managers, and other wealth professionals, and potential disruption from AI-driven DIY platforms, how do investors feel about AI?
A recent survey from HelloSafe.ca reveals a high level of confidence in using AI to help with investing decisions and management with 58% of respondents saying they are confident or very confident in these technologies as an investment support tool.
Younger Canadians are most likely to be AI friendly, with 73% of those aged 25 and under and 79% of those 26-35 saying they are confident or very confident. Among those aged 36-45 this falls to 52%, surprisingly less confident than those in the 46-55 age group (62%), but well ahead of the 56+ cohort (42%).
Optimizing performance is the main benefit of AI as an investment tool cited by 31% of poll participants, followed by accessing information in real time (22%), deepening analysis (17%), reducing emotional bias (17%), and improving risk management (14%).
Among those with a positive view of using AI for investing purposes, 42% said it can be useful for real estate investing, 29% would be willing to receive advice from AI for managing crypto investments, and 28% said the same for listed equities.
A recent report from the CFP Board found that investors are more likely to trust advice from AI than from social media.
Security concerns
However, despite the overall confidence in AI to assist with investing, four in ten respondents to the survey said they are concerned about their data security.
Other concerns include a lack of human interaction (21%), risk of algorithmic bias (18%), lack of transparency (13%), and market volatility (12%).
