Over 47% of US adults use ChatGPT for stock advice, survey shows

In a recent study, it was found that approximately 47 per cent of adults in the United States have utilized the AI-powered chatbot, ChatGPT, for stock recommendations. The study also revealed that an impressive 69 per cent of participants expressed their willingness to consider using the AI chatbot for investment advice in the future.

Furthermore, the study conducted by The Motley Fool, a renowned financial and investing advice company, indicated that approximately 45 per cent of respondents expressed comfort in solely relying on the AI model for stock picking. This showcases a growing trust and reliance on artificial intelligence technology in the realm of financial decision-making.

The popularity of ChatGPT has soared since its launch, with the platform amassing an impressive one million users in just five days. The momentum continued to build, and within a mere two months, ChatGPT reached a staggering 100 million users. 

The widespread usage of ChatGPT is further substantiated by data from web analytics company SimilarWeb, which reported that approximately 1.6 billion users visited the platform in March alone. This immense traffic showcases the immense appeal and recognition that ChatGPT has garnered within a relatively short period.

Asit Sharma, Senior Analyst and Lead Investor at The Motley Fool commented on the study's findings, stating, "The scale of this percentage is surprising, and yet it confirms something many of us are witnessing. The nature of search, and what we require from it, is changing in real-time, and millions of Americans are eager to try out this new world hands-on." Sharma's statement highlights the shifting landscape of information retrieval and the willingness of individuals to embrace new technological advancements.

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The study also shed light on the demographic breakdown of ChatGPT users for investment advice, indicating that millennials and Gen Z are at the forefront of this trend. Approximately 53 per cent of millennials and 50 per cent of Gen Z respondents have utilised ChatGPT to seek out stock picks. In contrast, only 25 per cent of baby boomers have turned to ChatGPT for investment guidance. This generational disparity suggests that older Americans approach new investment technologies with more caution, preferring to wait for any initial issues to be resolved before adopting them.

Interestingly, the study also revealed a correlation between income levels and ChatGPT usage. 77 per cent of high-income Americans have used ChatGPT for investment recommendations, compared to 43 per cent of middle-income Americans and only 23 per cent of low-income Americans. This indicates that individuals with higher incomes are more likely to seek out AI-driven investment advice.

Additionally, the study found that 55 per cent of American adult males have utilised ChatGPT for investment recommendations, while 42 per cent of women have done the same. It was also observed that men exhibited greater confidence in the accuracy and trustworthiness of information provided by ChatGPT, rating it at an average of 3.3, compared to women who rated it at 2.9. The overall average confidence rating for all respondents was 3.1.

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