As Halloween approaches, headlines about ‘scary financial mistakes’ and ‘wealth nightmares’ are appearing in time honoured fashion. However, there is one piece of recent research that’s more likely to make your blood curdle than anything else you might read.
According to an article in the Financial Times, published in September 2026, researchers have revealed just how terrifyingly wrong AI bots are when it comes to answering financial questions. At a time when many of us use AI for a wide number of reasons, the study highlights the risks in relying on bots to answer financial questions, and why it could jeopardise your wealth.
The study was carried out by financial technology firm Saturn and put 17 AI models to the test, including ChatGPT, Claude, Copilot, Grok and Gemini. During the study, the bots were asked a total of 121 questions covering a variety of financial subjects, including pensions, tax and mortgages.
It’s fair to say that the findings are likely to send a shiver down your spine, as they provide little doubt that using AI could result in a financial nightmare of epic proportions. Read on to discover more – if you dare!
In some cases, AI was nearly always wrong
During the research, more than 10,000 answers provided by chatbots were assessed for accuracy, and the findings were pretty shocking. On average, AI was correct just 54% of the time when asked an easy question, meaning it provided a near 50:50 chance of giving incorrect information that may cost you dearly.
Furthermore, with difficult questions that involved multiple calculations and covered a range of financial rules, the bots were wrong on average 88% of the time. For some chatbots, the error rate to complex questions was as high as 99%, a fact that will no doubt send a chill through many readers.
Even with simple questions, AI was often incorrect
According to the research, the reasons AI makes so many mistakes is that it used flawed data to generate answers. This included:
out of date rules and information
tax regulations from previous years that no longer applied
only answering part of the question, meaning key elements were omitted.
Furthermore, AI failed to provide important warnings that could result in the user making a poor decision that could result in significant losses they can’t afford. It’s worth remembering that in addition to significant losses, using AI could result in an unexpected (and potentially hefty) tax charge, or scammers accessing your wealth.
AI even cited rules that don’t exist
Amazingly, aside from providing incorrect information, the bots also provided incorrect answers based on rules and regulations AI had invented. While it may feel like some sort of science fiction horror movie, the findings suggest that AI bots are creating their own rules and how to apply them.
Just as alarming, researchers warned that AI gave incorrect answers with a level of authoritativeness that many users could find convincing. It should be pointed out that the research was conducted over 25 days in July 2026, and only provides a snapshot of performance at the time.
While this may mean AI could be more accurate in the future, there is another vital point that should not be forgotten. Even when AI is correct, the answers provided are generic and may not be appropriate for your individual circumstances.
If you do follow advice that isn’t tailored to your situation, you may make a decision you later live to regret.
Talking to a financial adviser is likely to be the better option
Unlike AI, financial advisers are trained individuals who have to demonstrate and maintain a high level of competence. This in turn ensures they provide advice that’s not only accurate and up to date, but also right for your financial situation and circumstances.
This is why an independent financial adviser will establish your goals, the kind of lifestyle you want (both now and in retirement) and any ‘objectives’ you want to achieve. This could be buying a holiday home, retiring younger or starting a business.
Unlike an AI bot, a financial adviser will then create a bespoke financial plan to help you achieve your aims, while at the same time, protecting your wealth from life’s unexpected events. The latter could ensure that you can maintain your lifestyle, for example, if you’re diagnosed with a serious illness and cannot work while you recover.
This means you can rest easy that the answers to your questions are:
correct and up to date
bespoke to you
in your best interests.
As such, you’ll have peace of mind that your wealth is on track to meet your goals while you get on with the business of enjoying life.
How can AFH help?
As one of the UK’s leading independent financial advice companies, we understand the importance of providing advice that’s individually suited to your needs and situation. As a company, we have been built on demystifying the world of finance and explaining the options that are available to our clients in an understandable and jargon-free way.
If you would like to discuss your financial resilience, and how you might be able to boost it, please call us on 0333 010 0008. Alternatively, use the following link to speak to one of our advisers to arrange a no obligation initial meeting with one of our independent financial advisers.
29 October 2026