AI use is climbing among younger borrowers, but professional advisers remain more trusted
Even as artificial intelligence tools become more common, Australians continue to place greater weight on professional advice when making major financial decisions, new research commissioned by Great Southern Bank indicates.
The bank’s latest findings show 69% of respondents who had received guidance from mortgage brokers or financial advisers rated that guidance as more valuable than advice generated by AI.
More than half of Australians surveyed (56%) said they would be most likely to seek advice from a financial adviser, compared with about one in ten who would use AI.
The data forms part of the “Clever” phase of Great Southern Bank’s third annual No Place Like Home report series, which tracks attitudes to long-term financial security and how they change across the homeownership journey.
AI use climbs, led by younger cohorts
While human advice remains the preferred source, the study indicates AI is increasingly being used for financial information. More than a quarter (27%) of Australians said they use AI platforms for financial information.
Usage was highest among younger groups: 38% of Gen Z and 34% of Millennials reported using AI to help inform financial decisions. That figure fell to 15% among Gen X and 5% among Baby Boomers.
The research also found that more than one in five Australians (21%) said they had received financial advice from ChatGPT or similar AI tools in the past 12 months.
“We’re seeing more Australians turning to AI for quick financial insights, particularly younger generations,” said Rolf Stromsoe (pictured right), chief customer officer at Great Southern Bank. “While AI can be a helpful first step, it’s important to cross-check everything you see online.
“These tools aren’t a substitute for professional guidance. Financial decisions, like buying a home, are long-term and complex, and speaking with a professional help ensure your choices are well-informed and suited to your individual circumstances.”
Rentvesting interest stronger among Gen Z
The report also points to shifting approaches to entering the market. Gen Z respondents were 50% more likely than the national average to consider rentvesting — living in a preferred area while owning an investment property in a cheaper location — with 21% considering the strategy, compared with 14% overall.
Among Gen Z respondents who favoured rentvesting, the reasons cited included generating rental income (36%), getting into the market sooner (22%), and viewing it as lower risk than buying a home to live in (17%).
“Younger Australians are fuelled by ambition and adaptability,” Stromsoe said. “While market conditions are shifting the pathways to homeownership, they’re not dampening aspirations - we’re seeing young buyers remain determined to achieve their goals."
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