More older adults open to learning AI tech for financial services

An older adult uses a tablet in Yongsan, Seoul, Sept. 9. Korea Times file

Older adults aged 60 and older are most eager to learn and adopt the artificial intelligence (AI) technology, especially in financial services, despite having the lowest current usage of AI tools, a Woori Financial Group report showed Thursday.

The finding comes amid a major shift in how older adults are preparing for retirement, wealth management and digital inclusion in an AI-driven economy.

The report was based on a survey of 10,000 people aged 20 to 69 and a series of in-depth interviews.

More than half, or 56.3 percent, of those aged 60 and older said they have used AI services, which was lower than their younger peers (70 percent).

Only 29 percent of respondents aged 60 and older said they tried generative AI tools, and most of the use was limited to simple information searches. However, over 84 percent of them said they are willing to increase AI usage, especially for financial services.

They were more confident than younger groups that AI-based financial services, including robo-advisers, would outperform human advisors in the long term.

Of those over 60 with the largest financial assets, or the top 20 percent, more than half said they expect AI to deliver higher investment returns, due to faster market analysis and greater accessibility.

The report also highlighted growing economic polarization among people 60 and older.

Those in the top 20 percent earned 6.5 times more income than those in the lowest 20 percent. They had income from financial assets, pensions and real-estate rentals.

The report also showed that those who bought homes early, began retirement savings early or used professional wealth-management services reported significantly higher economic and life satisfaction.

Nearly 40 percent of them relied solely on the national pension, and only 16.3 percent had pension incomes from all three — public, occupational and private pensions.

The findings serve as a guide for understanding how the lives of people 60 and older are evolving with AI technology, the report said.

“An increasing number of seniors are seeking to design their future with the assistance of AI technology,” it said.