Young Queenslanders turning to AI for money advice – but experts urge caution

RACQ Bank is urging young Queenslanders to proceed with caution as new data shows almost half (45%) have followed financial advice generated by artificial intelligence (AI) without consulting an expert.

The statewide survey revealed 65.8% of Queenslanders aged 18-34 felt comfortable using AI for budgeting and savings tips, 31.1% for investment recommendations, and 26.8% for debt management strategies.

RACQ Bank spokesperson Ashleigh Paterson (pictured) said it was encouraging to see younger Queenslanders embracing digital tools but warned that AI shouldn’t replace human expertise – particularly when making significant financial decisions.

“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,” Paterson said.

AI becoming mainstream – but human oversight still essential

Across the finance sector, AI use is growing fast — with 70% of mortgage brokers already using or planning to use it. But experts warn AI can’t replace human judgment, urging advisers to pair tech efficiency with personal insight to ensure accuracy and trust.

At the same time, new research from MONEYME found thousands of Australians are Googling basic finance terms like “mortgage meaning” and “what is interest?”, highlighting the growing financial knowledge gap that AI tools may not always bridge.

Paterson said while AI can help simplify financial tasks, it must be used wisely.

“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,” she said.

“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.”

The survey also found that 48% of all Queenslanders trust AI-powered financial advice, underscoring its growing influence on consumer decision-making.

“A useful starting point – but not the full picture”

Paterson said while AI could be a valuable resource, users should remain cautious and confirm any advice with qualified professionals.

“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.”

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