AI is grabbing headlines and reshaping industries, but when it comes to managing money, most Americans still want a human at the wheel.
That’s the key takeaway from Northwestern Mutual’s 2025 Planning & Progress Study which highlights a clear preference for human financial advisors over AI when it comes to crafting retirement plans, managing portfolios, and making key financial decisions.
But it also shows younger Americans aren’t turning away from tech. They just want both.
Across the board, people report more trust in human advisors than in AI when it comes to creating savings plans, answering financial questions, and recommending investment strategies. For example, when asked who they trust more to develop a tailored financial plan, 53% of respondents chose humans, while just 15% preferred AI.
A similar trend appears across other planning categories like creating retirement plans (56% favor humans) and managing budgets (48% trust humans more than machines).
"The potential for AI is exciting, and when it comes to building a comprehensive financial plan, Americans continue to trust an expert advisor," says Jeff Sippel, chief strategy officer at Northwestern Mutual. "Financial planning isn't just about numbers on a spreadsheet – it's an emotional discussion around a person's life goals. These conversations are complex, delicate and deeply personal. Clients want to discuss their options with a trusted financial advisor who understands their needs and the trade-offs associated with these big financial decisions at a human level."
While most Americans want a person to lead the planning process, younger generations increasingly expect that person to be tech-savvy. According to the study, 54% of both Gen Z and Millennials prefer to work with a financial advisor who uses AI as a tool – not to replace human judgment, but to enhance it. Compare that to just 36% of Boomers+ who feel the same.
Nearly half of all Americans (47%) say they’d prefer to work with a financial advisor who understands and uses AI.
"It's encouraging to see consumer reactions around the usage of AI in the financial services industry, including their receptivity to advisors thoughtfully integrating this technology," adds Sippel. "This complements our approach, which is to identify, carefully test, and implement AI tools and platforms that increase the productivity of our advisors to better serve their clients."
The future isn’t about choosing between people and technology. It’s about integrating the best of both.
"In a world where technology is advancing so quickly, it will be fascinating to see how Americans' attitudes on AI – and its presence in our everyday lives – continue to evolve," concludes Sippel. "It speaks to the fact that AI isn't positioned to eliminate these roles, but that people can leverage the technology to create efficiencies and eliminate redundancies in the workplace."
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