Young adults are increasingly turning to artificial intelligence to help manage their money, with nearly three in ten 35 to 44-year-olds using AI for mortgage advice, according to Lloyds Banking Group.

Among those who have used AI for personal finance, 28% of 35 to 44-year-olds have turned to it for mortgage advice.

Younger adults are also among the most enthusiastic users of AI for managing money. More than three in four (76%) 18 to 24-year-olds have used AI for personal finance, making them the UK’s most enthusiastic adopters of AI for money management.

However, financial confidence appears to increase with age. Among people who use digital tools to manage their finances, 64% of 18 to 24-year-olds say they feel confident about their finances, compared with 85% of those aged 65 to 74.

The findings come from Generation gains, a spotlight on financial empowerment from Lloyds Banking Group’s Consumer Digital Index, which explores how digital tool use changes for different goals throughout life.

The analysis also shows that the financial uses of AI vary between generations. Among people 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 of any generation.

Lloyds Banking Group chief executive, consumer relationships, Jas Singh said: “Younger people have grown up with technology, which is a great start for making the most of digital tools to manage money. But confidence with money is something that’s built over time – and it’s the combination of the right tools and knowledge that is the real sweet spot for financial empowerment.”