Lloyds Bank says these customers are £399 better off

Lloyds Bank has issued a £399 alert to its customers, as it shared its latest findings.

The banking giant's research discovered that over 28 million UK adults are now utilising artificial intelligence (AI) to assist with their financial management, a decision that appears to be reaping rewards.

According to Lloyds, personal finance is currently the top use of AI in the UK. Over half (56%) of adults reported using AI in the past year to help manage their finances.

With more than half of AI users employing it for budgeting, savings planning, or general financial education, it has become a popular tool.

Over a third of users (37%) engage with AI for investment research and recommendations, whilst a quarter (26%) use it for debt management strategies. Nearly four in ten (39%) have turned to AI for future financial planning, such as pension information.

One in three people reportedly use AI at least once a week to assist with financial matters - more than those using it for health advice, shopping recommendations, travel planning or recipe suggestions. The study underscores how AI can empower individuals to make smarter decisions, save more, and build financial resilience for the future.

Moreover, peopel reckon they've managed to save an average of £399 annually through AI-powered recommendations.

However, while its popularity continues to surge, confidence in AI technology still trails behind actual usage rates.

A striking 83% of AI users admit they harbour concerns about data privacy, whilst 80% express unease about potentially receiving incorrect or out-of-date information.

Nearly seven in 10 (69%) fret about insufficient personalisation tailored to their individual circumstances.

This confidence deficit underscores a crucial hurdle: whilst millions are prepared to experiment with AI-driven applications, the majority remain hesitant to depend on them without verification from more established sources and the regulatory supervision that financial affairs require.

With more than one in three adults anticipating increased use of AI for money management over the coming year, merging cutting-edge technology with reliable expertise will prove essential for building trust and realising its complete potential.

Jas Singh, CEO Consumer Relationships at Lloyds Banking Group, said: "AI is rapidly transforming how people manage their money, with the potential for millions of consumers to feel more confident and in control of their personal finances. From everyday budgeting to planning for the future, we're already seeing people use the technology to make smarter choices and build financial resilience.

"But as AI becomes a bigger part of our financial lives, trust is the next frontier. People want to be sure the information they receive is accurate, secure and truly tailored to their needs. That's why banks have a vital role - not just in providing cutting-edge technology, but in combining it with trusted expertise and a deep understanding of our customers.

"As we continue to innovate, our focus is on building tools people can genuinely rely on - helping everyone to benefit from the confidence and clarity that digital solutions bring."