Australians open to AI, but still want people in charge of financial decisions

11 March 2026

Australians are increasingly using artificial intelligence (AI) in their daily lives but most remain reluctant to trust it with decisions about their money, according to new research from Colonial First State (CFS). 

While familiarity with AI is growing, human judgement and accountability continue to matter most when Australians are making key financial decisions. More than four in five Australians (83 per cent) say access to human interaction is important when it comes to their finances, particularly around decisions on superannuation and long-term investments.

Even among Australians who regularly use AI, confidence drops sharply when financial outcomes are involved. While more than a quarter of Australians use AI every day, just 9 per cent would be comfortable with it determining their investment outcomes.

“When it comes to important financial decisions, people want the confidence that comes from trusted professional advice,” said Craig Day, Head of Technical Services at Colonial First State. “That confidence comes from working with someone they have developed a relationship with and who understands their personal circumstances, applies judgement, and is accountable for the advice they give.

“While there’s a clear recognition of the value AI can bring in saving time and improving access to information, many people draw a clear line when it comes to their finances. They want people, not technology, making the final decisions. AI can support better outcomes, but it works best when it complements the expertise and oversight of a qualified financial adviser,” Mr Day added.

AI welcomed, but only up to a point

 
While Australians are comfortable with AI assisting with simple financial tasks, confidence declines sharply as it approaches decisions tied to long‑term outcomes and financial security.

• 42 per cent are comfortable using AI for everyday activities such as budgeting, product comparisons or tracking spending
• This falls to 38 per cent when AI is used for transactional banking such as management of everyday accounts and payments
• Support drops further for AI involvement in investment management, with fewer than one in three Australians (29 per cent) saying they are comfortable.

Trust in AI is weakest among older Australians and women, who consistently report a stronger preference for human oversight when it comes to their personal finances.  

While trust in AI is higher among younger Australians, high-net worth investors and more frequent users of the technology, even these groups see confidence fall sharply when AI is used for financial decision-making. Respondents cited concerns about data security, privacy and the absence of human oversight as the biggest barriers to greater use of AI in this area.

What Australians want when it comes to AI and finance

Around two-thirds (64%) of Australians expect AI to become common in financial services within five years, but they have clear expectations of how it should be used.

Before Australians are prepared to pay for AI‑driven financial tools, they are seeking stronger safeguards including clearer regulation (29 per cent), better data security (25 per cent) and the ability to opt out of automated services (25 per cent).

For now, human judgement remains central to how Australians want financial decisions to be made.

“People want AI introduced carefully, with safeguards and clear human responsibility for decisions that shape their financial outcomes. Australians still want reassurance that a qualified professional is applying judgement and standing behind those decisions. AI can support better outcomes, but trust is built through human accountability, not technology,” Mr Day added

Steven Reilly, Director External Communications, Colonial First State

steven.reilly@cfs.com.au