AI the investment adviser: CA ANZ survey

A survey of Australian retail investors conducted by Chartered Accountants ANZ (CA ANZ) has revealed the extent to which artificial intelligence (AI) is heavily consulted for investment advice.

The Australian Retail Investor Confidence survey of 1,000 retail investors with over $10,000 invested found that ‘mum-and-dad’ investors and the younger generation were the cohorts most likely to turn to AI tools such as ChatGPT or Co-Pilot to assist with their investment decisions.

Almost 80 per cent of investors aged 18 to 29 were likely to use AI, while male investors (15 per cent) were more likely than women investors (nine per cent) to use AI.

“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,” CA ANZ CEO, Ainslie 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.”

CA ANZ Chief Economist, Professor Richard Holden, said while investor confidence has dipped in global markets given ongoing volatility, it only showcases the necessity of high quality investment support tools to help investors make informed decisions.

“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,” he 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.”