Broker eToro has released data on the use of artificial intelligence (AI) tools by retail investors.
The data from the Retail Investor Beat report, based on a survey of 10,000 retail investors, showed that 11% of them use AI tools such as ChatGPT to build or adjust their portfolios.
The survey was conducted by Opinium between June 2nd and June 14th in 13 countries (UK, US, Germany, France, Australia, Italy, Spain, Netherlands, Denmark, Norway, Poland, Romania, and the Czech Republic) across 3 continents, eToro reported.
In addition, the report showed that 35% of retail investors intend to use AI technologies in making investment decisions, while 40% are staunch opponents of such tools.
It is worth noting that more experienced investors are more likely to use AI tools to achieve their goals than novice, younger clients. Only 16% of investors with three to 10 years of experience are using AI technology, compared to 19% of retail investors between the ages of 35 and 44.
"Consumer AI tools are seeing the fastest growth rates of any technology in history, and it’s no surprise that early-adopters are starting to use them for investing. These older, wealthier, and more experienced investors are pioneering the investment use cases, from background research to stock-picking, that others seem increasingly likely to follow," commented Ben Laidler, Global Markets Strategist at eToro, on the report data.
Also, 43% of respondents believe that AI is the future of investing, 42% said that AI helps them save time on research; and 34% said that it helps them make more informed decisions.
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