Press release -
From the office to online, Brits open up about saving like never before
Half of Brits would turn to AI for financial advice, including ways to save, ideas for reducing bills and guidance on setting goals.
A poll of 2,000 adults found other virtual ways the nation is seeking financial guidance include blogs and podcasts (13 per cent) and YouTube (12 per cent).
And one in 10 (13 per cent) would rather get financial advice from AI than a human, with 30 per cent citing a desire to avoid judgment as their main reason.
Despite this, 27 per cent are happy talking to colleagues about money, suggesting the workplace is becoming a key space for financial conversations.
But older generations (29 per cent of Boomers) feel more uncomfortable discussing money with friends compared to younger generations (18 per cent of Gen Z and 17 per cent of Millennials).
Brits have formed healthy financial habits including tracking monthly expenses (53 per cent), building an emergency fund (52 per cent) and avoiding impulse purchases (49 per cent).
The research, which was commissioned by Post Office, found that when it comes to opening up about finances, Gen Z are leading the charge with more than a third seeking advice from online search engines (35 per cent).
And 31 per cent of youngsters turn to the likes of ChatGPT or Google AI for advice, compared to only three per cent of Boomers.
Similarly, a fifth (19 per cent) of the youngest demographic claim LLMs have been helpful when seeking money tips, even more so than a financial advisor (16 per cent) and bank (13 per cent).
In comparison, Millennials (42 per cent) and Boomers (38 per cent) put their trust in saving experts like Martin Lewis.
Some of the top saving advice used by those polled via OnePoll included, “Can’t pay today? You have to walk away. Save for tomorrow, you won’t have to borrow.”
Others shared practical tips, such as not spending without planning or budgeting, or following the popular “40-30-20-10 method,” a simple framework for managing money.
Ross Borkett, Financial Services Director at Post Office, said: “Historically, Brits have shied away from talking about money, but that’s changing; people are now turning to friends, family, colleagues, online forums, or even AI for advice.
“This shows a growing awareness of the importance of saving and smart financial habits – but despite this, a third of respondents have found it difficult to save any money over the last 12 months.
“Wherever you’re getting your guidance, the most important thing is that you’re building your savings sustainably and securely - and forming healthy habits, like tracking your outgoings or setting aside money regularly, can make a real difference.
“At Post Office, our online savings accounts are designed to be simple and flexible. You can start with as little as £1 and manage your savings at your own pace.
“We want to make saving straightforward, so everyone can feel confident about taking control of their finances.”
TOP 10 SOURCES FOR SEEKING FINANCIAL ADVICE:
1.Friends or family
2.Savings expert (e.g., Money Saving Expert)
3.Financial advisor
4.Bank
5.Online search engine (e.g., Google)
6.Government websites (e.g., Gov.UK)
7.AI (e.g., ChatGPT, CoPilot, Gemini, Google AI)
8.Work colleagues
9.Independent financial blogs or podcasts
10.YouTube
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Source: A OnePoll survey of 2,000 UK adults aged 18 and over (nationally representative on the basis of age, gender, and region).
For more information on Post Office savings accounts, please visit: https://www.postoffice.co.uk/savings-accounts
Post Office does not endorse using AI tools for financial advice.
About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on its cash and banking; mails and parcels; foreign exchange; and; bill payments services.
- Research has found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
