Ten-thousand retail investors from 13 countries were surveyed for a study sponsored by eToro and conducted by an Israel-based firm. The report showed that 41% of surveyed investors strongly oppose using artificial intelligence (AI) tools, such as ChatGPT, for managing investment portfolios, and only 11% of respondents have actually started using AI, although 35% are open to the idea of using it.
The findings are ironic when juxtaposed to an earlier study that showed older investors were investing in AI stocks at a faster rate than any other age group! The current study goes on to find that 55% of older investors dislike the use of AI, while 29% of 18-34-year-olds and 30% of 35-44-year-olds also have negative views.
As further evidence of investor AI-confliction, an eToro UK study showed that 73% of UK investors trust ChatGPT to provide reliable financial advice “in the future.” This eToro report suggested that investors want to use AI to manage their own future investments (43%), because it will save time on research (42%), and will make better decisions (34%), and will pick better investments than a fund manager (30%); but that time is not now, since 41% of all investors will not use AI.
However, almost hypocritically, these investors are happy to invest and profit from the same AI technologies that are being used, or misused, by others. One expert cautioned that AI is not a flawless investor, citing the underperformance of an AI-powered ETF as an example. The SEC also has concerns about the potential financial risks of AI, and plans to introduce rules to address conflicts of interest related to predictive data analytics and similar technologies.
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