FT warns AI financial advice can sound right and still be wrong

Financial Times reported on the growing use of AI tools for personal financial guidance, citing Lloyds data that 28 million UK adults used AI for personal finance in 2025 and a Fidelity study showing especially high use among younger retail investors. Experts told the FT that chatbots can help with basic financial literacy but may give costly advice when they lack context about tax position, account type, time horizon, or risk tolerance. The article also highlights accountability and privacy gaps because mainstream AI tools are not regulated financial advisers and user conversations may expose sensitive financial data.

Key details: Published June 20, 2026 at 04:00 UTC, Lloyds data cited by FT said 28 million UK adults used AI for personal finance in 2025, Fidelity found higher use among retail investors aged 18 to 34, Experts warned about tax, risk, accountability, and privacy limitations.

Why it matters: Consumer AI risk is moving from abstract hallucination stories into money decisions, where one confident but context-free answer can create real tax or investment damage.