Donna Walsh, Head of Master Trust and IGC Governance at Standard Life, said: “AI is rapidly becoming part of the way younger people navigate their finances, and pensions are no outlier. Our research1 found that almost three in ten (29%) 18-34-year-olds have already used AI to get information about pensions or saving for retirement, compared with 16% of 35-54-year-olds and just 6% of those aged 55 and over. That makes it increasingly important that people understand both what these tools can offer and where their limitations lie.
“There are clear positives if AI can help make pensions feel simpler and more accessible. Among younger people who have used it for retirement information, 41% have turned to AI to understand how pensions work, a third (33%) have used it to navigate pension tax rules and 32% to explore how they could save more. However, this isn’t simply passive research - 62% say AI has influenced decisions they’ve made about their pension or retirement saving to at least some or a great extent. That underlines why accuracy, appropriate safeguards and knowing when to turn to trusted or regulated sources really matter, particularly at a time when scams and fraudulent activity are becoming increasingly sophisticated and technology can make it harder to distinguish credible information from misleading content.
“Used well, AI could have an important role in helping people engage earlier with their retirement planning, breaking down jargon and prompting questions they might otherwise never ask. At the same time, it should be a starting point rather than the final word. Pensions are long-term and often complex, and as use of AI grows, the priority should be helping people combine the convenience of new technology with reliable information, appropriate guidance, targeted support and, where possible, regulated financial advice.”
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