Lloyds Bank has said its customers may be able to save hundreds of pounds
Lloyds Bank has issued a £399 alert to customers, as it shared the findings of its latest study. The banking giant’s research discovered that over 28 million UK adults are now using artificial intelligence (AI) to assist with their finances, a decision that appears to be reaping rewards.
According to Lloyds, personal finance is now the top use of AI in the country. A significant 56% of adults reported using AI in the past year to help manage their money.
With over half of AI users employing it for budgeting, savings planning, or general financial education, it’s become a go-to tool. More than a third of users (37%) say they 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 report using AI at least once a week to assist with financial matters – more than those using it for health advice, shopping suggestions, travel planning or recipe ideas. The study underscores how AI can empower individuals to make smarter decisions, save more, and build financial resilience for the future.
Moreover, people estimate they’ve saved an average of £399 a year through AI-generated recommendations. However, despite its rising popularity, confidence in AI remains significantly lower than actual usage levels.
Some 83% of AI users express concerns about data privacy, whilst 80% worry about receiving incorrect or out-of-date information. Nearly seven in 10 (69%) are anxious about insufficient personalisation tailored to their individual circumstances.
This confidence deficit underscores a crucial challenge: whilst millions are prepared to trial AI-powered tools, the majority remain hesitant to depend on them without verification from more established sources and the regulatory scrutiny that financial issues 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 to 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.”
