Three in five Australians say they would trust financial advice from AI programs such as ChatGPT. The finding is revealed in a new report commissioned by industry body CALI.
Its research found more than 20% of Australians had considered using AI for life insurance advice in the past three months, roughly the same proportion who considered contacting a life insurer directly.
CALI CEO Christine Cupitt said: “This isn’t just asking AI to draft an email or fix some grammar. This is real life.
“Without the right kind of advice from the right people, Australians are at greater risk of falling victim to scams and dodgy providers.
…Australians want and need advice that is simple, accessible and affordable…
“Alarmingly, almost 20 per cent of people actually received life insurance advice from programs such as ChatGPT in the past quarter.”
Cupitt said the findings underscored the urgency of passing the second tranche of the DBFO legislation, which would enable life insurers to provide simple, no-cost advice directly to customers.
Meanwhile, this week ASIC released separate data showing one in five Gen Z Australians are using AI to guide financial decisions. It claimed that while younger Australians have a strong appetite for trustworthy financial content, many struggle to find it, with searches often leading them to sources built for engagement rather than accuracy.
Cupitt said the collapses of First Guardian and Shield Master Fund demonstrated the consequences of inadequate access to professional advice, with thousands of people losing their superannuation savings as a result.
The CALI-commissioned research also found more than half of Australians would be more likely to seek professional life insurance advice if it were more affordable and easier to access.
“Australians want and need advice that is simple, accessible and affordable,” Cupitt said. “They shouldn’t have to turn to AI to get it.”
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