MUM AND DAD INVESTORS TURN TO AI FOR INVESTMENT ADVICE
Chartered Accountants ANZ
Almost half of Australian investors are now turning to artificial intelligence (AI) for investment advice, according to the preliminary findings of the Australian Retail Investor Confidence survey from Chartered Accountants ANZ (CA ANZ).
CA ANZ surveyed 1000 Australian retail investors with more than $10,000 invested in the stock market and other investments and for the first time in the survey’s history, respondents were asked about their use of AI in making investments.
CA ANZ CEO, Ainslie van Onselen, said AI is changing the landscape for mum and dad investors.
“We have seen adoption of AI grow rapidly for both personal and professional use, but it is interesting to see investors are using it to guide where their money goes,” Ms van Onselen said.
“The results of this year’s survey show mum and dad investors, and the younger demographic, are turning to AI platforms like ChatGPT or Co-Pilot to guide their investment decisions.
“Almost half (48%) of surveyed Australian investors said they use AI tools to make investment decisions, and more than two thirds (81%) are at least somewhat satisfied with the information AI provided.
“But trust is still a major issue – 43% said they don’t use AI as they lacked confidence in the information produced and 46% prefer to stay with tried and tested sources of information.
“Notably, investors regard auditors as the foremost protectors of their interests, demonstrating a high level of trust in qualified professionals who deliver audit and assurance services. After all, AI information is only as good as its source.
“The findings highlight the role of accountants as well as the urgency of adopting digital reporting technology in Australia.
“Some 54% of those surveyed expressed strong confidence in audited financial statements, up from 50% in 2024,” Ms van Onselen said.
Additional key findings relating to AI include:
- Younger investors aged 18-29 are more likely to use AI (78%).
- Male investors are more likely to use AI extensively (15% men vs 9% women).
- For those who used AI and were neutral or dissatisfied with the results, 40% said they didn’t trust it.
- As for those who don’t use AI – 43% lacked confidence in the information, and 46% were happy with their other sources of information.
CA ANZ Chief Economist, Professor Richard Holden, said that despite global uncertainty, investors' confidence is buoyed by a strong domestic economy.
“Confidence in Australian capital markets and listed companies has risen significantly at a time of global uncertainty, along with confidence in auditors and financial statements,” Professor Holden said.
“For investors whose confidence has risen, this has been largely driven by the belief that the Australian economy will improve and that Australia will navigate the current global political landscape successfully.
“The increasing use of AI tools in investment decision-making highlights the importance of having high-quality and reliable financial data for training these models, which support investors in making informed decisions,” Professor Holden said.
Other key findings from the interim report include:
- There has been a 6-point jump in the percentage of investors feeling high levels of confidence in Australian companies.
- The Federal Election has had an impact with 42% of investors saying it increased their confidence to invest, citing economic improvement (55%) and confidence in government capability (41%).
- Conversely, global unrest is making investors cautious, with confidence in investing outside Australia dropping from 78% to 73%.
At the same time, a landmark report from Chartered Accountants Worldwide (CAW) and Ipsos UK revealed that 79% of Chartered Accountants agree that as AI is integrated more into business, the role of accountants as ‘Data Guardians’ will become increasingly important to organisations.
The report, based on 2,718 respondents across 48 countries from multiple professional Chartered Accountancy institutes, underscores that accountants are increasingly using AI.
It reveals that 83% of those aged 18-24 are using AI tools at least once a week, for general productivity (40%), data entry (24%), client services (17%), and risk management (12%).
Almost two-thirds (65%) expect to receive training on AI from professional bodies.
ENDS
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For more information contact:
Gillian Bowen, Public Affairs Lead Australia
M +61 411 485 421