{"id":81445,"date":"2026-03-16T17:00:26","date_gmt":"2026-03-16T06:00:26","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=81445"},"modified":"2026-03-17T12:58:21","modified_gmt":"2026-03-17T01:58:21","slug":"concerns-raised-as-consumers-turn-to-ai-for-advice","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2026\/03\/16\/concerns-raised-as-consumers-turn-to-ai-for-advice\/","title":{"rendered":"Concerns Raised as Consumers Turn to AI for Advice"},"content":{"rendered":"
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.<\/p>\n
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.<\/p>\n
CALI CEO Christine Cupitt<\/strong> said: “This isn’t just asking AI to draft an email or fix some grammar. This is real life.<\/p>\n
\u201cWithout the right kind of advice from the right people, Australians are at greater risk of falling victim to scams and dodgy providers.<\/p>\n
…Australians want and need advice that is simple, accessible and affordable…<\/p><\/blockquote>\n
\u201cAlarmingly, almost 20 per cent of people actually received life insurance advice from programs such as ChatGPT in the past quarter.\u201d<\/p>\nChristine Cupitt.<\/figcaption><\/figure>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
“Australians want and need advice that is simple, accessible and affordable,” Cupitt said. “They shouldn’t have to turn to AI to get it.”<\/p>\n
![\"Christine](\"https:\/\/riskinfo.com.au\/news\/files\/2023\/12\/Christine-Cupitt-headshot-1-scaled-e1701894110135.jpg\")