40% of Americans are comfortable seeking financial advice from AI

As technology continues to change the investment landscape, a new Merrill Edge report has found that nearly 40% of mass affluent Americans are comfortable consulting artificial intelligence for financial advice. "Americans are more likely to trust AI with their finances than trust it to drive a car (28%), post to social media (28%) or select a wardrobe (26%)," the report, which was released last week, says. While Gen Zers (those age 22 and younger) are the highest adopters of emerging technologies, the report shows that mass affluent investors of all ages are willing to have digital tools at their disposal, with one in five preferring digital advice over in-person guidance. That said, investors still value professional expertise over friends and families. Merrill Edge reports that "more investors are turning to professionals like financial advisors (81%) for counsel than their wealthiest friends (70%), older generations (69%), parents (66%) and friends (57%)."