"Given that often computer programs can outperform humans, it is important that as an industry we learn more about where confidence in this type of tech breaks down."
ING, which surveyed nearly 15,000 people across 15 countries, found that only 3% would be willing to give up control and let a robo-adviser act on their behalf without them first giving the go-ahead.
People said they would feel more comfortable if robo-advisers simply advise rather than make decisions on their behalf. Three in 10 (29%) would not be willing to allow decision-making but would accept advice from a computer program, although they would still often prefer advice from other sources.
When seeking investment advice, people still prefer the human touch, with two in five (40%) saying they would seek out a human financial adviser if looking to invest, while 14% would speak to friends and family. Alternatively, people are willing to find the information they seek themselves via the internet and specialist websites (16%), but again, few are willing to trust a robo-adviser.
The study found that once the confidence in computer program is broken, most will abandon them in favour of a human opinion – even if their performance is superior – which might explain why one third (36%) of people do not want any automated financial activities at all.
Women were 15% more likely than men to say they do not want automated financial activities at all, while nearly half (48%) of over-65s said the same.
ING behavioural scientist, Nathalie Spencer, commented: “Letting algorithms make money decisions for us has the potential to be really advantageous and free up some headspace – yet we found that many people are reluctant to give up control of these decisions.
“As newer technologies like robo-advisers become more prevalent, we may see people start to embrace the personalisation and convenience it offers, but the desire to control decisions will most likely mean that most will always want final approval.
“Given that often computer programs can outperform humans, it is important that as an industry we learn more about where confidence in this type of tech breaks down. This will be key in trying to help improve people’s financial positions.”
