Getting advice from AI on retirement planning

Marriage, child, new job: when life circumstances change, many people think about their old-age provision. A majority (54 percent) would like to receive advice from an artificial intelligence that automatically and regularly analyses their personal life situation. Just under half (48 percent) would like to use AI advice only in addition to traditional advice, while 6 percent could do without traditional advice altogether if AI were used. This is the result of a survey of 1,003 people in Germany aged 18 and over commissioned by the digital association Bitkom. "Artificial intelligence is predestined to provide support in advising on financial matters. Here, it is primarily a matter of providing well-founded decision-making aids from a multitude of data with reference to changing life situations," says Bitkom CEO Dr Bernhard Rohleder.  Especially among younger people aged 18 to 29, trust in AI advice is high: one tenth (10 percent) would then do without talking to classic advisors altogether, and another 53 percent would like to consult AI as a supplement.

 

The broad interest in advice on old-age provision that makes use of digital technologies such as AI is probably also due to the fact that the vast majority is afraid of doing something wrong when it comes to old-age provision. Among 18- to 64-year-olds, 8 out of 10 (80 percent) have this concern. And even among those 65 and older who need to have looked into their old-age provision, 45 percent continue to fear that they are not doing everything right. "In this context, data-supported, artificial intelligence can make a significant contribution to reducing decision-making fears when it comes to old-age provision," says Rohleder.

 

Applying AI in the financial sector is also a topic at Bitkom's Big-Data.AI Summit on the 14th and 15th of September 2022 at Café Moskau in Berlin. More than 700 participants are expected, ranging from industries such as finance, health, R&D, academia, and public administration. More information is available at www.big-data.ai.

 

Find out more about this financial planning with AI in Bitkom's official press release (German).