One in ten retail investors in the UK are using ChatGPT-style artificial intelligence (AI) to help pick and manage investments.
This is according to a study by eToro's Retail Investor Beat among 1,000 retail investors.
Out of the respondents, more than a third (36%) said they were open to the idea of using AI to aid their investment decisions, while one in four (40%) were firmly against it.
Meanwhile, 11% were already using AI, such as ChatGPT, to manage portfolios, with the number rising to 21% among 35 to 44-year-olds.
The study suggested a surge in interest in AI within the past eight months, coinciding with the launch of ChatGPT in November of the previous year. As a result, nearly half (47%) of respondents said that they either currently use or have an interest in utilising AI tools for investment decisions.
According to the research, the younger generation of retail investors (18 to 34-years-old) are leading the AI adoption charge, with more than a quarter (26%) already utilising AI tools.
When respondents were asked why they want to use AI, 48% said the technology can save time on research. Other common reasons given were that AI is the future of investing (40%) and would make better decisions (33%). A quarter also believed AI could pick better investments than a fund manager.
Global markets strategist Ben Laidler said: "Consumer AI tools are seeing the fastest growth rates of any technology in history, and it's no surprise that early adopters are starting to use them for investing.
"These older, wealthier, and more experienced investors are pioneering the investment use cases, from background research to stock-picking, that others seem increasingly likely to follow. But the technology is far from faultless."
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