Australians continue to place greater trust in human advice than artificial intelligence when making significant financial decisions, according to research from Great Southern Bank.
The bank’s latest “Clever” phase of its No Place Like Home report series found 69 per cent of Australians who had sought guidance from a mortgage broker or financial adviser considered that advice more valuable than guidance generated by AI.
According to Great Southern Bank, more than half (56 per cent) said they would be most likely to seek advice from a financial adviser, compared with around one in 10 who would turn to AI.
At the same time, the research indicates AI is becoming a more common source of financial information. According to Great Southern Bank, 27 per cent of Australians now use AI platforms for financial insights, with uptake higher among younger generations.
However, ASIC has warned in the past that AI advice is unreliable and not a suitable substitute for real advice.
“Short-term or speculative trading based on what’s popular online carries real risks, particularly in volatile markets like crypto,” said commissioner Alan Kirkland, highlighting how the advice provided by AI leans on popular trading trends that are often unsuitable for clients.
Usage was most pronounced among Gen Z (38 per cent) and Millennials (34 per cent), while lower levels were reported among Gen X (15 per cent) and Baby Boomers (5 per cent). The research also found that 21 per cent of Australians had received financial information from tools such as ChatGPT or similar platforms in the past 12 months.
Chief customer officer Rolf Stromsoe said the findings reflect a growing role for AI in early-stage research, but suggested it is not replacing professional advice.
“We’re seeing more Australians turning to AI for quick financial insights, particularly younger generations,” Stromsoe said.
He noted that financial decisions such as purchasing property are complex and long term, and said professional guidance remains important in ensuring decisions align with individual circumstances.
The research also points to broader shifts in how younger Australians are approaching home ownership. According to Great Southern Bank, Gen Z respondents were more likely than the average Australian to consider “rentvesting” — renting in one location while owning an investment property elsewhere — with 21 per cent indicating they would consider the strategy, compared with 14 per cent overall.
Motivations cited in the research included generating rental income (36 per cent), entering the property market sooner (22 per cent), and viewing the approach as lower risk than purchasing a primary residence (17 per cent).
According to Great Southern Bank, these trends highlight a changing advice landscape, where digital tools are increasingly used alongside traditional advice channels, particularly by younger cohorts navigating affordability constraints and evolving pathways into the property market.
