More than 28 million adults have turned to artificial intelligence (AI) to help manage their money, Lloyds Banking Group has revealed.

The group’s latest consumer digital index showed that 56% of UK adults have used AI in the past year to manage their finances.

More than a third (37%) of users said they engage with AI for investment research and recommendations, while 26% use it for debt management strategies.

Furthermore, 39% of respondents have turned to AI for future financial planning, such as information on pensions.

One in three (33%) stated that they are using AI once a week or more to help with money matters, and Lloyds revealed that users have saved an average of £399 per year as a result of consulting AI-generated insights.

Lloyds’ consumer digital index has tracked the UK’s shift to digital-first living over the past decade and has monitored the link between digital confidence and financial wellbeing.

In the last 10 years, the number of customers using its mobile banking apps has increased by more than three-fold to over 21 million.

Meanwhile, 93% of index respondents who said they feel confident using digital tools to manage their finances stated that they feel knowledgeable enough to make informed decisions about their finances.

Despite this, 83% of AI users in the survey said they worry about privacy data, and 80% are concerned about receiving inaccurate or outdated information.

Chief executive officer for customer relationships at Lloyds Banking Group, Jas Singh, said that AI is transforming how people manage their money, giving them more confidence and control over their finances.

He concluded: "From everyday budgeting to planning for the future, we’re already seeing people use the technology to make smarter choices and build financial resilience.

"But as AI becomes a bigger part of our financial lives, trust is the next frontier. People want to be sure the information they receive is accurate, secure and truly tailored to their needs. That’s why banks have a vital role –not just in providing cutting-edge technology, but in combining it with trusted expertise and a deep understanding of our customers.

"As we continue to innovate, our focus is on building tools people can genuinely rely on –helping everyone to benefit from the confidence and clarity that digital solutions bring."

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