TD Bank Survey Reveals Millennials Embrace AI for Personal Finance Management
- TD Bank's survey shows 61% of millennials use AI tools for financial management, reflecting growing tech acceptance.
- 83% of respondents trust banks more than AI, highlighting the importance of consumer education on AI benefits.
- TD Bank must prioritize transparency and education to build trust and enhance AI's role in personal finance.
Understanding AI’s Role in Personal Finance: Insights from TD Bank's Latest Survey
A recent survey conducted by TD Bank, featured in the 2025 TD AI Insights Report, uncovers a significant trend among millennials who are increasingly leveraging artificial intelligence (AI) to manage their finances. The survey, which encompassed 2,500 American respondents, reveals that 61% of millennials actively use AI tools for financial management. This growing adoption highlights a broader acceptance of technology in financial services, with 89% of participants indicating a readiness to embrace new tech solutions, and 68% claiming familiarity with AI applications. Despite this enthusiasm, traditional trust in financial institutions remains strong, with 83% of respondents placing more faith in their banks than in AI.
Ted Paris, Executive Vice President at TD Bank, emphasizes the importance of financial institutions enhancing consumer understanding and awareness of AI's benefits. The survey results indicate promising areas where consumers feel comfortable utilizing AI, particularly in fraud detection (70%) and credit score calculations (64%). However, there is a notable hesitance regarding AI's role in investment management, with only 44% expressing willingness to engage AI for this purpose. This hesitance may stem from concerns about data privacy and the diminishing human touch in financial interactions, which 65% and 56% of respondents, respectively, cite as significant issues.
Moreover, the survey highlights a dual perspective on AI's potential. While 65% of respondents believe AI can enhance accessibility to financial services for underserved communities, 63% of current AI users report feeling less anxious about job displacement compared to the previous year. The findings suggest a critical need for banks to prioritize transparency and education around AI technologies to alleviate concerns and build trust. Although 22% of participants see little to no benefit from AI in financial services, the overall sentiment leans toward a growing optimism about its potential to improve financial management and service delivery.
In addition to the insights on AI, TD Asset Management Inc. (TDAM) announces the June cash distributions for its suite of Exchange-Traded Funds (ETFs). Unitholders of record as of June 27, 2025, will receive payments on July 8, 2025, with the TD Canadian Long Term Federal Bond ETF (TCLB) leading the distributions at $0.910 per unit. The diverse range of investment options showcased by TDAM underscores the bank's commitment to providing varied financial strategies, catering to both Canadian and U.S. markets.
Overall, the TD Bank survey indicates that while there is a growing acceptance of AI in personal finance, banks must focus on enhancing consumer education and maintaining trust to unlock AI's full potential in the financial sector.