Young Queenslanders banking on AI for financial advice
The statewide survey found 65.8% of Queenslanders aged 18-34 felt comfortable using AI for budgeting and savings tips, 31.1% for investment recommendations and more than a quarter (26.8%) for debt management strategies*.
RACQ Bank spokesperson Ashleigh Paterson said while it was great to see young Queenslanders embracing new technology to help manage their finances, they should be cautious when seeking support for more complex money matters.
“We know rising costs are continuing to impact households and AI-powered tools are a great resource if you’re looking for ideas to reduce your weekly expenses, budget for a holiday or for general saving tips,” Ms Paterson said.
“As we have seen in our recent travel trends data, AI is becoming a popular tool for holiday research, and it seems young Queenslanders are now choosing it as their go-to for financial advice.
“Anything that encourages people to be proactive in managing their money is a great first step, however when it comes to more complex financial questions like how to invest your money, manage debts, or buying a home, you should engage the support of a financial expert.”
RACQ’s survey found almost half (48%) of all Queenslanders have confidence in the accuracy of AI-powered financial advice.
Ms Paterson said while AI could be a great resource, it did have limitations and Queenslanders should still validate any advice they receive.
“If you are utilising AI to look for investment options or search for the right home loan product, it can be a useful starting point to see what options are out there,” she said.
“As each person’s financial situation is different and AI can only provide general advice, we strongly encourage you speak to your bank or a financial advisor before making any major financial decisions.”
*Survey findings from RACQ Quarterly Consumer Omnibus, FY26 Q2, n=503
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