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30% of people trust AI tools for pension guidance – Scottish Widows

42% were comfortable using AI to explain pension jargon, while 37% would use it to calculate how much they needed for retirement.

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30% of people trust AI tools for pension guidance – Scottish Widows
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The latest Retirement Report from Scottish Widows found almost one in three (30%) people trusted artificial intelligence (AI) tools to help with their pension. 

Eight out of 10 (80%) trusted AI from regulated financial experts. 

31% would take AI-based information on big financial decisions to a financial adviser and one in four (24%) would speak to their pension provider.

Two in five (42%) were comfortable using AI to explain pension jargon, 37% would use it to calculate how much they needed for retirement and more than one in four (28%) to work out how much to save each month.

Almost a third (30%) trusted AI tools to give them pension guidance. 

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Of these, 80% said their most trusted source was their pension provider or firms already giving financial guidance or advice. 

20% trusted technology firms who did not specialise in money more than any other provider, showing there was a need for more education on consumer protections.

Only 10% of retirees were comfortable with AI suggesting the best way to withdraw from their pension. 

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Among people aged 50 and over, just 5% plan to rely on AI tools before taking money from their pot.

Nearly half (48%) worried AI might give wrong or unsuitable pension advice, 43% worried about data safety and two in five (38%) did not think AI would take their personal circumstances into account.

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Nearly a third (31%) said they would take AI-generated insights to a professional financial adviser and a quarter (24%) would use AI information to have more informed conversations with their pension provider.

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Maria Herrero-Bullich, chief customer & digital officer at Scottish Widows, said: “AI has the power to simplify complicated financial topics, personalise guidance, and make everyday decisions around pensions, savings and investments much easier to manage. 

“As it becomes a normal part of managing our money, trust is essential. 

“It’s clear that for those bigger, more complex moments people still value speaking to a financial expert, so the human factor and AI can comfortably co-exist to provide people with the confidence to make more informed decisions about their future.”

Herrero-Bullich added: “One thing that’s important to understand is the difference between support from regulated firms and general-purpose AI tools, with the former carrying much greater protection for the consumer.

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“We’re building new AI-powered assistants to help customers navigate the complexities of financial decisions. 

“Tools like our investment agent InvestAI, embedded in our app, are designed to build both confidence and capability, opening up investing to those who’ve felt it’s not for them.”

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