Artificial intelligence is becoming an increasingly common source of financial information for younger Australians, with new research showing Gen Z and Millennials are incorporating AI tools into the way they approach major money and property decisions.
Great Southern Bank’s – No Place Like Home – report found about 38% of Gen Z respondents and 34% of Millennials are using AI to help inform their financial and purchasing decisions. The figures highlight how quickly digital platforms are becoming part of the research process for younger consumers, particularly when they are trying to understand complex financial topics or prepare for major commitments such as buying a home.
For aspiring property buyers, AI can provide a convenient starting point for researching everything from deposits and borrowing capacity to home loan terminology and the costs associated with purchasing property. Younger generations who have grown up using digital services are particularly comfortable seeking information online, making the growing use of AI a natural extension of their existing research habits.
The report also reveals a broader reliance on digital information sources among Gen Z. More than half of Gen Z respondents say they trust financial information obtained through social media, at 56%, while 52% trust information from “finfluencers”. AI platforms attract an even higher level of confidence, with 64% saying they trust them as a source of financial information.
Those figures are significant given financial regulators have warned consumers about the potential risks associated with relying on online financial information. Content available through social media, influencers and AI platforms may not always take account of an individual’s circumstances, and the information provided may not carry the same safeguards or professional obligations associated with regulated financial advice.
Great Southern Bank Chief Customer Officer Rolf Stromsoe says the findings demonstrate that AI is rapidly moving into the mainstream as a source of financial information for Australians.
The increasing adoption of AI does not, however, mean traditional sources of financial guidance are being replaced. According to the research, Australians continue to place considerable value on dealing with people when making important financial decisions.
Despite the growing number of consumers using AI platforms, 69% of Australians consider advice from mortgage brokers, financial advisers and banks to be more valuable. That suggests consumers are increasingly combining digital research with professional assistance rather than necessarily choosing one source over the other.
For property buyers, that combination could become increasingly common. Someone considering a home purchase may initially use an AI platform to understand concepts such as loan-to-value ratios, lenders mortgage insurance, fixed and variable interest rates or the difference between principal-and-interest and interest-only repayments. Once they move closer to making a decision, they may then seek personalised guidance from a mortgage broker, lender or financial professional.
AI also has the advantage of being immediately accessible. Buyers can ask questions at any time and use the technology to build their general understanding before approaching a professional. This may help consumers become more familiar with terminology and potentially arrive at conversations with lenders or advisers better prepared to ask relevant questions.
The challenge is recognising the difference between general information and advice tailored to an individual’s financial circumstances. Property purchases involve significant amounts of money and can have long-term consequences, meaning information that appears relevant at a general level may not necessarily be suitable for a particular buyer.
This distinction may become more important as AI use expands. Younger buyers may be comfortable comparing property markets, calculating hypothetical repayments and researching purchasing strategies digitally, but their borrowing position can still be influenced by factors including income, existing debt, household expenses, credit history and lender policies.
The Great Southern Bank findings therefore point to a changing financial information landscape rather than the disappearance of traditional advice. Digital sources are becoming more influential, particularly among younger generations, while established professional channels continue to command the greatest perceived value.
For the property sector, this shift could change the way buyers enter the market. Consumers may increasingly undertake substantial research before contacting an agent, lender, mortgage broker or adviser. They may have already investigated suburbs, estimated borrowing requirements and explored different financing scenarios before speaking with a professional.
At the same time, professionals may have an increasingly important role in helping consumers interpret the large amount of information available online and determine what is actually relevant to their circumstances.
As AI platforms become more sophisticated and widely used, their influence on financial literacy and property research is likely to continue growing. The Great Southern Bank research shows that this change is already well underway among younger generations. Yet with 69% of Australians still placing greater value on mortgage brokers, financial advisers and banks, human expertise remains central when consumers move from gathering information to making significant financial decisions.
