Brokers over bots: Financial advice from humans still trumps AI despite its rise

20 April 2026

New research from Great Southern Bank has found that despite the rise of Artificial Intelligence (AI), human advice remains the most trusted and valued source of guidance for significant financial decisions.

The study reveals 69% of Australians consider guidance from mortgage brokers, financial advisers and banks more valuable than the advice from AI. More than half (56%) say they are most likely to seek advice from a financial adviser, compared to just one in ten who would turn to AI.

The insights come from the latest ‘Clever’ phase of Great Southern Bank’s third annual No Place Like Home report series, which explores Australians’ long-term financial security and how sentiment shifts throughout the homeownership journey.

AI advice split by generations

Despite these findings, using AI for financial advice is on the rise with more than a quarter (27%) of Australians saying they use AI platforms for financial information, with younger cohorts leading the way.

38% of Gen Z and 34% of Millennials cite using AI to inform financial decisions, figures that drop significantly among older Australians, with just 15% of Gen X and 5% of Baby Boomers reporting the same.

More than 1 in 5 (21%) Australians say they’ve received financial advice from ChatGPT or similar AI tools in the past 12 months, highlighting how AI is starting to become a mainstream source of information.

Rolf Stromsoe, Chief Customer Officer at Great Southern Bank, said:

“We’re seeing more Australians turning to AI for quick financial insights, particularly younger generations. While AI can be a helpful first step, it’s important to cross-check everything you see online.

“These tools aren’t a substitute for professional guidance. Financial decisions, like buying a home, are long-term and complex, and speaking with a professional helps ensure your choices are well-informed and suited to your individual circumstances.”

Younger Australians are keeping it clever

The research also shows that younger Australians are not only changing up where they get advice, but also how they approach homeownership.

Gen Z are 50% more likely than the average Australian to consider rentvesting –⁠ living in a preferred location while owning an investment property in a more affordable area (21% versus 14%). Their motivations include generating rental income (36%), entering the market sooner (22%), and seeing it as a lower-risk option than buying a home to live in (17%).

“Younger Australians are fuelled by ambition and adaptability,” Mr Stromsoe said. “While market conditions are shifting the pathways to homeownership, they’re not dampening aspirations - we’re seeing young buyers remain determined to achieve their goals."

To learn more about these insights, please read the latest No Place Like Home Report.