More than 47% of US Adults Rely on ChatGPT for Stock Advice, Survey Reveals

According to a recent study, around 47% of adults in the United States have used ChatGPT, an AI-powered chatbot, for stock recommendations. The study further highlighted that an impressive 69% of participants expressed their openness to utilizing the AI chatbot for investment advice in the future.

Additionally, The Motley Fool, a reputable financial and investing advice company, conducted a study revealing that around 45% of respondents expressed confidence in relying solely on the AI model for stock picking. This highlights a growing sense of trust and dependence on artificial intelligence technology in the domain of financial decision-making.

Since its launch, ChatGPT has experienced a remarkable surge in popularity, attracting an astounding one million users within a span of five days. This momentum only grew stronger, as ChatGPT reached an astonishing milestone of 100 million users in just two months. The widespread adoption of ChatGPT is further supported by data from web analytics firm SimilarWeb, which revealed that approximately 1.6 billion users visited the platform in March alone. This significant volume of traffic underscores the immense appeal and recognition that ChatGPT has achieved in a relatively short timeframe.

Asit Sharma, Senior Analyst and Lead Investor at The Motley Fool, offered his insights on the study’s findings, noting, “The magnitude of this percentage is remarkable and affirms a trend many of us are observing. The dynamics of search and our expectations from it are evolving rapidly, and millions of Americans are eager to actively explore this new realm.” Sharma’s statement emphasizes the evolving nature of information retrieval and the enthusiastic embrace of novel technological advancements by individuals.

The study’s findings revealed an interesting generational pattern among ChatGPT users seeking investment advice. Millennials and Gen Z emerged as the primary drivers of this trend, with approximately 53% of millennials and 50% of Gen Z respondents utilizing ChatGPT for stock recommendations. In contrast, only 25% of baby boomers turned to ChatGPT for investment guidance. This generational discrepancy suggests that older Americans approach new investment technologies more cautiously, preferring to wait for any initial concerns to be addressed before embracing them.

The study findings unveiled an intriguing connection between income levels and the utilization of ChatGPT for investment recommendations. Notably, 77% of high-income Americans have engaged with ChatGPT for investment advice, whereas the figures stood at 43% for middle-income Americans and only 23% for low-income Americans. This suggests a higher propensity among individuals with higher incomes to seek AI-driven investment guidance.

Furthermore, the study uncovered that 55% of adult males in the United States have utilized ChatGPT for investment recommendations, while the percentage for women stood at 42%. Interestingly, men displayed higher confidence in the accuracy and reliability of information provided by ChatGPT, rating it at an average of 3.3, whereas women rated it at 2.9. The overall average confidence rating across all respondents was 3.1.