Research by credit score service CredAbility found that the vast majority (82%) of baby boomers (aged 61-79) wouldn’t use AI for budgeting, advice, or tracking their spending.
This scepticism comes at a time when traditional banking is becoming harder to access.
Bank closures
Since February 2022, almost 2,000 UK bank branches have shut their doors, and more than 300 are expected to close this year alone, including branches of major banks like Santander, Lloyds, and NatWest.
CredAbility’s study found that reluctance to use AI to manage personal finances increases with age. Eight in 10 (82%) of boomers wouldn’t consider using AI tools to manage their finances, dropping to 63% of Gen X (aged 44-60), 41% of millennials (aged 29-43), and 23% of Gen Z (aged 18-28).
Four in 10 (41%) of Gen Z respondents said they had already used AI-powered budgeting apps or chatbot tools, while just 9% of boomers said they’d consider doing the same.
How life insurance can benefit your health and wellbeing over the decades
Sponsored by Post Office
Scepticism among older generations
When asked why they were sceptical, 68% of baby boomers said they didn’t trust AI to make financial decisions, 61% were worried the advice would be inaccurate or too robotic, and 55% said they’d rather manage their money the old-fashioned way.
Aaron Peake, personal finance expert at CredAbility, said: “It’s no surprise that boomers are saying ‘thanks but no thanks’ to AI in banking. Many of them have spent decades managing their money face to face or over the phone, and that style of banking is built on trust – you speak to someone, they understand your situation, and you feel confident in the advice you’re getting. There’s a sense that AI tools don’t fully understand your personal circumstances, especially with big decisions like switching mortgage deals, planning for retirement, or dealing with inheritance.
“Younger Brits are used to getting instant answers through apps, whether that’s for food, travel, or their finances. AI feels like a natural extension of how they already live, and anything that helps you save or budget smarter is worth looking into. But, for many older Brits, AI is talked about in a way that feels cold and confusing, putting them off straight away. If you’ve lived through data breaches, scams, or seen what happens when tech fails, of course you’re going to be cautious. That said, I do think we’ll see more older users dipping a toe into AI banking, but only if it’s paired with real human advice.”
Three alternative ways to bank
- Post Office banking
Many people don’t realise that the Post Office acts as a banking partner for most high street banks. If your local branch is closing, this could be the easiest way to keep managing your money in person.
- Banking hubs
Banking hubs are shared spaces that allow customers from different banks to do their everyday banking. They’re run by the Post Office and let you withdraw and deposit cash, manage accounts, and get face-to-face support. As of April 2025, there are 139 hubs across the UK, with more expected to open.
- Switch to another bank
Using Post Office banking or a community banker might work for some, but they won’t fully replace the experience of a high street branch. If you prefer in-person banking and your nearest branch is closing, it may be time to explore other options.
