A significant number of UK banking consumers are turning to AI assistants out of a sense of embarrassment and a fear of being judged for a lack of financial literacy.
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This is the main finding from a study conducted by banking app Plum.
More than a third (35%) of respondents said they do not ask more questions about their financial affairs due to the fear of "sounding stupid".
In addition, more than half (53%) say they have pretended to understand a financial conversation.
The fear of being judged is apparently a barrier to greater understanding. Just less than half (42%) said they would ask more questions if they knew they were not going to be judged.
This sense of embarassment and lack of financial understanding has led more consumers to seek the help of AI rather than humans.
According to the survey, 18% would feel msot comfortable talking to an AI assistant, just below the 19% that would prefer to use a human financial adviser.
Social media, home to a growing number of so-called 'finfluencers'. was bottom of the list when it came to seeking financial advice, selected by just 1%.
“It’s easy to see why people are using AI to manage their finance," said Will Bryant, director of wealth strategy at Plum.
"Money can feel like a difficult topic, especially as there’s often a sense that you’re supposed to know all the answers. Being able to ask questions privately, without worrying about what someone else might think, removes some of those barriers," said Bryan.