New research from PensionBee reveals that almost half of older savers don’t fully trust using artificial intelligence (AI) to help manage their finances.
A nationally representative survey of 1,000 UK adults explored attitudes towards AI in pension customer support. The findings reveal that 45% of over-65s say they either don’t fully trust AI or don’t trust it at all to provide accurate financial guidance. In comparison, 33% of those under 65 and 27% of 18-34-year-olds share the same concerns.
When asked about the main advantage of using AI in pension customer support, 22% of over-65s said they didn’t see any benefits at all. This is more than double the 10% of under 65s, and significantly higher than the 5% of 18-34-year-olds, who felt the same.
Scepticism extends to other groups too
This scepticism isn’t limited to older savers. When asked how much they trusted AI to provide accurate financial guidance, 41% of those with a household income below £35k responded negatively. In contrast, only 18% of those earning over £75k expressed the same concerns.
Similarly, 15% of lower-income respondents said they saw no advantages at all to AI in pension customer support, compared to just 4% of higher earners.
A challenge to pension providers: keep humans in the loop
The survey offers valuable insights into how companies can address public scepticism toward AI in pension customer support. When asked to rank their top concern, 29% of those with a household income below £35k and 25% of over-65s said they worried that AI could make it harder to speak with a human adviser. This indicates that accessibility and reassurance are key factors in AI adoption.
These findings suggest that while AI can enhance efficiency, companies must ensure it complements rather than replaces human interaction. Maintaining clear pathways to human support will be crucial for building trust and encouraging wider adoption of AI-driven services in the pensions industry. Businesses that successfully integrate AI while preserving a strong human touch are likely to see greater customer confidence and engagement.
Luis Mejia, VP of Data at PensionBee, 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.”
