Nearly half (45 per cent) of over-65s either don't full trust artificial intelligence (AI) or don't trust it at all to provide accurate financial guidance, research from PensionBee has revealed.

The research revealed that there are "stark" generational differences in attitudes towards AI, as this compared to 33 per cent of those under 65 and 27 per cent of 18-34-year-olds who shared the same concerns.

PensionBee also found that, when asked about the main advantage of using AI in pension customer support, 22 per cent of over-65s said they didn’t see any benefits at all, which is more than double the 10 per cent of under 65s who said the same, and "significantly" higher than the 5 per cent of 18-34-year-olds, who felt the same.

This scepticism isn’t limited to older savers, however, as lower earners were also less likely to trust AI to provide financial guidance.

According to PensionBee's research, when asked how much they trusted AI to provide accurate financial guidance, 41 per cent of those with a household income below £35,000 responded negatively, compared to 18 per cent of those earning over £75,000.

In addition to this, 15 per cent of lower-income respondents said they saw no advantages at all to AI in pension customer support, compared to 4 per cent of higher earners.

The top concern amongst both older savers and lower earners was the idea that AI could make it harder to speak with a human adviser, which was cited by 29 per cent of those with a household income below £35,000 and 25 per cent of over-65s.

PensionBee highlighted the findings as further evidence while AI can enhance efficiency, companies must ensure it complements rather than replaces human interaction.

This is also in line with previous research from PensionBee, which found that while UK savers are open to AI playing a role in pension customer support, they are not ready for a fully automated experience, with 79 per cent stating that they would prefer a mix of human and AI interaction when managing their pension accounts.

PensionBee vice president of data, Luis Mejia, said: "These findings reflect broader public concerns about the growing role of AI in everyday life.

"While younger and higher-income savers tend to be more optimistic about its benefits, older and lower-income savers have valid concerns about AI replacing human interaction.

“To ensure AI-driven services deliver real value to all customers, pension providers must prioritise accessibility, maintain accurate and reliable information, and uphold the highest standards of data security.

"Most importantly, human advisers must remain easy to reach, reinforcing trust and confidence in the support available."

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