Over 28 million UK adults now use AI tools for personal finance, with Lloyds Bank unveiling a pioneering AI-powered financial assistant designed to transform digital money management and bolster trust in the sector.
Lloyds Bank has revealed that over 28 million adults in the UK are now utilising artificial intelligence (AI) tools to manage their finances, marking personal finance as the leading application of AI in the country. According to a major national study, 56% of UK adults, roughly 28.8 million people, have engaged with AI in the past 12 months for tasks including budgeting, saving, and financial education. Users of AI for financial management estimate that the technology has helped them save an average of £399 annually through personalised, AI-generated insights. This surge in the adoption of AI reflects a growing confidence among consumers in digital financial management, with two-thirds of internet users expressing that being online makes them feel more capable of handling their money.
Jas Singh, CEO Consumer Relationships at Lloyds Banking Group, emphasised the transformative effect of AI on personal finance. He described the technology’s role in enabling millions of consumers to feel more in control of their financial decisions, from everyday spending to long-term planning. However, Singh also underscored the importance of trust as AI becomes increasingly embedded in financial services. He noted that while people are eager to benefit from AI-powered tools, concerns about accuracy and security remain paramount. According to Singh, banks have a critical responsibility not only to innovate with advanced technology but also to combine it with expert knowledge and genuine customer understanding to build reliable, trustworthy AI solutions.
The range of AI applications in personal finance is diverse. More than a third of AI users rely on these tools for investment research and recommendations, about a quarter use AI-driven debt management strategies, and nearly 40% employ it for future financial planning, such as pension advice. Notably, approximately one in three people report using AI for money management tasks on a weekly basis. Popular platforms like ChatGPT are central to this trend, with six in ten users choosing it as their preferred AI tool for financial guidance.
Supporting these developments, Lloyds Banking Group is advancing its own AI initiatives. The bank recently announced the launch of the UK’s first large-scale, multi-feature AI-powered financial assistant designed to serve more than 21 million customers through its mobile app. This assistant leverages Lloyds’ proprietary Generative AI and an Agentic framework to provide personalised, 24/7 financial coaching on spending, saving, and investing. Unlike general-purpose AI models, this assistant operates within a secure and regulated environment, combining curated bank data with cutting-edge technology to ensure accurate, tailored responses. Lloyds plans to expand the assistant’s capabilities across its full range of financial products in 2026 and beyond, aiming to set a new industry standard for responsible AI use in banking.
This strategic focus on integrating AI comprehensively into its services is underscored by Lloyds’ broader commitment to technological transformation. The bank has partnered with the University of Cambridge to train 300 senior staff in AI, embedding an ‘AI-first’ mindset across its leadership. This initiative is part of a concerted effort to harness AI for smarter decision-making, improved productivity, and enhanced customer experiences.
Industry data also reflects an optimistic outlook on AI within UK financial institutions. According to Lloyds’ Financial Institutions Sentiment Survey, there is a marked increase in AI investment, with half of institutions planning to boost AI spending in the next year. Nearly 60% have reported improved productivity from AI since the previous year, and a majority view AI as a key driver of economic growth rather than a threat. This positive momentum in AI adoption is helping to fuel innovation and digital advancement in the financial sector.
As AI continues to reshape personal finance, consumer trust and transparency remain central challenges. Lloyds Bank’s approach advocates blending sophisticated AI technology with established financial expertise to offer customers clarity, confidence, and security in managing their money. The bank’s ongoing innovation, paired with sector-wide enthusiasm for AI, signals a future where digital financial tools are not just common but genuinely transformative for millions of people across the UK.
📌 Reference Map:
- [1] Birmingham Mail – Paragraphs 1, 2, 3, 4, 5
- [2] Lloyds Banking Group Press Release – Paragraphs 1, 2, 5
- [3] Lloyds Banking Group Press Release – Paragraph 6
- [4] Lloyds Banking Group Insights – Paragraph 6
- [6] Lloyds Banking Group Press Release (Financial Institutions Sentiment Survey) – Paragraph 7
- [7] Bloomberg – Paragraph 8
Source: Noah Wire Services
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is based on a recent press release from Lloyds Banking Group, dated 3 November 2025, indicating high freshness. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))
Quotes check
Score:
10
Notes:
Direct quotes from Jas Singh, CEO Consumer Relationships at Lloyds Banking Group, are consistent with the press release dated 3 November 2025, confirming authenticity. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))
Source reliability
Score:
10
Notes:
The narrative originates from a reputable organisation, Lloyds Banking Group, enhancing its credibility. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))
Plausability check
Score:
10
Notes:
The claims are plausible and supported by the press release, with no discrepancies or inconsistencies found. ([lloydsbankinggroup.com](https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html?utm_source=openai))
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh, originating from a recent press release by a reputable organisation, with consistent and plausible claims, leading to a high confidence in its accuracy.
