Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.
Young Adults Increasingly Use AI for Mortgage Advice, Says Lloyds
Lloyds Banking Group has reported that young adults in the UK are turning to artificial intelligence (AI) to help manage their finances, with a notable proportion seeking mortgage advice through these digital tools. According to Lloyds, nearly three in ten (28%) of 35 to 44-year-olds who have used AI for personal finance have turned to it specifically for mortgage advice.
The findings are part of Lloyds Banking Group’s Consumer Digital Index, which examines how different generations use digital tools for financial management. The report highlights that younger adults are the most enthusiastic adopters of AI for money management. Among 18 to 24-year-olds, more than three in four (76%) have used AI for personal finance, making them the leading age group in this area.
The analysis also reveals that the use of AI for financial purposes varies by age. Among those who have used AI for personal finance, almost two thirds (64%) of 25 to 34-year-olds use it for budgeting and planning, the highest proportion among all generations surveyed.
Despite high adoption rates of digital tools among younger adults, the report notes that financial confidence tends to increase with age. Of those using digital tools, 64% of 18 to 24-year-olds say they feel confident about their finances, compared to 85% of those aged 65 to 74.
For UK letting agents and inventory clerks, these findings suggest a growing reliance on digital and AI-driven advice among younger tenants and buyers, particularly in areas such as mortgage guidance and budgeting. Understanding these trends may help property professionals tailor their services to meet the evolving expectations of tech-savvy clients.
Source: Mortgage Strategy