The Desire for AI Advice in Retirement Plans: A Latent Class Analysis

Adrian, T 2024, Artificial Intelligence and Its Impact on Financial Markets and Financial Stability (Bund Summit 2024, Navigating a Changing World). International Monetary Fund, viewed June 11, 2025. https://www.imf.org/en/News/Articles/2024/09/06/sp090624-artificial-intelligence-and-its-impact-on-financial-markets-and-financial-stability. AdrianT 2024 Artificial Intelligence and Its Impact on Financial Markets and Financial Stability (Bund Summit 2024, Navigating a Changing World). International Monetary Fund, viewed June 11, 2025. https://www.imf.org/en/News/Articles/2024/09/06/sp090624-artificial-intelligence-and-its-impact-on-financial-markets-and-financial-stability. Search in Google Scholar

Akaike, H 1987, ‘Factor analysis and AIC’, Psychometrika, vol. 52, no. 3, pp. 317–332, https://doi.org/10.1007/BF02294359. AkaikeH 1987 ‘Factor analysis and AIC’ Psychometrika 52 3 317 332 https://doi.org/10.1007/BF02294359. Search in Google Scholar

Akhtar, M, Salman, A, Ghafoor, KA, & Kamran, M 2024, ‘Artificial intelligence, financial services knowledge, government support, and user innovativeness: exploring the moderated-mediated path to fintech adoption’, Heliyon, vol. 10, no. 21, https://doi.org/10.1016/j.heliyon.2024.e39521. AkhtarM SalmanA GhafoorKA KamranM 2024 ‘Artificial intelligence, financial services knowledge, government support, and user innovativeness: exploring the moderated-mediated path to fintech adoption’ Heliyon 10 21 https://doi.org/10.1016/j.heliyon.2024.e39521. Search in Google Scholar

Bahoo, S, Cucculelli, M, Goga, X, & Mondolo, J 2024, ‘Artificial intelligence in finance: a comprehensive review through bibliometric and content analysis’, SN Business & Economics, vol., no. 2, p. 23, https://doi.org/10.1007/s43546-023-00618-x. BahooS CucculelliM GogaX MondoloJ 2024 ‘Artificial intelligence in finance: a comprehensive review through bibliometric and content analysis’ SN Business & Economics vol., 2 23 https://doi.org/10.1007/s43546-023-00618-x. Search in Google Scholar

Belanche, D, Casaló, LV, & Flavián, C 2019, ‘Artificial Intelligence in FinTech understanding robo-advisors adoption among customers’, Industrial Management & Data Systems, vol. 119, no. 7, pp. 1411–1430. BelancheD CasalóLV FlaviánC 2019 ‘Artificial Intelligence in FinTech understanding robo-advisors adoption among customers’ Industrial Management & Data Systems 119 7 1411 1430 Search in Google Scholar

Board of Governors of the Federal Reserve System. (2023). 2022 Survey of Consumer Finances [Data set], https://doi.org/10.17016/8799. Board of Governors of the Federal Reserve System 2023 2022 Survey of Consumer Finances [Data set], https://doi.org/10.17016/8799. Search in Google Scholar

Brenner, L & Meyll, T 2020, ‘Robo-advisors: a substitute for human financial advice?’, Journal of Behavioral and Experimental Finance, vol. 25, p. 100275. BrennerL MeyllT 2020 ‘Robo-advisors: a substitute for human financial advice?’ Journal of Behavioral and Experimental Finance 25 100275 Search in Google Scholar

Bryan, S, Myers, E, & Topoleski, J (2024, Worker Participation in Employer-Sponsored Pensions: Data in Brief and Recent Trends (Congressional Research Service Report R43439). Congressional Research Service, viewed June 10, 2024 https://www.congress.gov/crs-product/R43439. BryanS MyersE TopoleskiJ 2024 Worker Participation in Employer-Sponsored Pensions: Data in Brief and Recent Trends (Congressional Research Service Report R43439). Congressional Research Service, viewed June 10, 2024 https://www.congress.gov/crs-product/R43439. Search in Google Scholar

Chubb, J, Cowling, P, & Reed, D 2022, ‘Speeding up to keep up: exploring the use of AI in the research process, AI & SOCIETY, vol. 37, no. 4, pp. 1439–1457, https://doi.org/10.1007/s00146-021-01259-0. ChubbJ CowlingP ReedD 2022 ‘Speeding up to keep up: exploring the use of AI in the research process AI & SOCIETY 37 4 1439 1457 https://doi.org/10.1007/s00146-021-01259-0. Search in Google Scholar

Dal Bianco, C & Maura, F 2020, Education and persistence of earnings shocks, Economics Letters, vol. 196, p. 109527. Dal BiancoC MauraF 2020 Education and persistence of earnings shocks Economics Letters 196 109527 Search in Google Scholar

Figà-Talamanca, G, Tanzi, PM, & D'Urzo, E 2022, Robo-advisor acceptance: do gender and generation matter?’, PloS One, vol. 17, no. 6, e0269454. Figà-TalamancaG TanziPM D'UrzoE 2022 Robo-advisor acceptance: do gender and generation matter?’ PloS One 17 6 e0269454 Search in Google Scholar

Gallagher, CM 2023, For-Profit, Nonprofit, and Government Sector Jobs in 2022 (Spotlight on Statistics), Bureau of Labor Statistics, viewed June 10, 2024. https://www.bls.gov/spotlight/2023/for-profit-nonprofit-and-government-sector-jobs-in-2022/home.htm. GallagherCM 2023 For-Profit, Nonprofit, and Government Sector Jobs in 2022 (Spotlight on Statistics), Bureau of Labor Statistics, viewed June 10, 2024. https://www.bls.gov/spotlight/2023/for-profit-nonprofit-and-government-sector-jobs-in-2022/home.htm. Search in Google Scholar

Lazarsfeld, PF & Henry, NW 1968, Latent Structure Analysis, Boston: Houghton Mifflin. LazarsfeldPF HenryNW 1968 Latent Structure Analysis Boston Houghton Mifflin Search in Google Scholar

Lo, AW & Ross, J 2024, ‘Can ChatGPT plan your retirement?: generative AI and financial advice,’ Harvard Data Science Review, Special Issue 5, https://doi.org/10.1162/99608f92.ec74a002. LoAW RossJ 2024 ‘Can ChatGPT plan your retirement?: generative AI and financial advice,’ Harvard Data Science Review, Special Issue 5 https://doi.org/10.1162/99608f92.ec74a002. Search in Google Scholar

Ludwig, E & Bennetts, C 2023, ‘Streamlining financial planning with ChatGPT: a collaborative approach between technology and human expertise,’ Journal of Financial Planning, June 2023, Vol. 36, No. 2, https://www.financialplanningassociation.org/learning/publications/journal/JUN23-streamlining-financial-planning-chatgpt-collaborative-approach-between-technology-and-human. LudwigE BennettsC 2023 ‘Streamlining financial planning with ChatGPT: a collaborative approach between technology and human expertise,’ Journal of Financial Planning June 2023, Vol. 36, No. 2, https://www.financialplanningassociation.org/learning/publications/journal/JUN23-streamlining-financial-planning-chatgpt-collaborative-approach-between-technology-and-human. Search in Google Scholar

Ludwig, E, Heckman, SJ, & McCoy, M 2023, ‘The influence of risk, financial literacy, and trust on financial advice-seeking behavior in a cross-racial examination,’ Journal of Financial Planning, pp. 68–84. LudwigE HeckmanSJ McCoyM 2023 ‘The influence of risk, financial literacy, and trust on financial advice-seeking behavior in a cross-racial examination,’ Journal of Financial Planning 68 84 Search in Google Scholar

McCutcheon, AL 1987, Latent class analysis, Sage, Newbury Park. McCutcheonAL 1987 Latent class analysis Sage Newbury Park Search in Google Scholar

Rogers, EM 1962, Diffusion of innovations, Free Press of Glencoe. Rogers, EM 2003, Diffusion of innovations, 5th edn., New York: Simon and Schuster. RogersEM 1962 Diffusion of innovations Free Press of Glencoe Rogers, EM 2003, Diffusion of innovations, 5th edn., New York: Simon and Schuster. Search in Google Scholar

Schwarz, G 1978, ‘Estimating the dimension of a model,’ The Annals of Statistics, vol. 6, no. 2, pp. 461–464. SchwarzG 1978 ‘Estimating the dimension of a model,’ The Annals of Statistics 6 2 461 464 Search in Google Scholar

Sengar, SS, Hasan, AB, Kumar, S, & Carroll, F 2024, ‘Generative artificial intelligence: a systematic review and applications,’ Multimedia Tools and Applications. vol. 84, no. 21, pp. 23661–23700. https://doi.org/10.1007/s11042-024-20016-1. SengarSS HasanAB KumarS CarrollF 2024 ‘Generative artificial intelligence: a systematic review and applications,’ Multimedia Tools and Applications 84 21 23661 23700 https://doi.org/10.1007/s11042-024-20016-1. Search in Google Scholar

Senteio, S & Hughes, L 2024, ‘Customer trust and satisfaction with robo-adviser technology,’ Journal of Financial Planning, vol. 37, no. 7, p. 84–84, https://www.financialplanningassociation.org/learning/publications/journal/AUG24-customer-trust-and-satisfaction-robo-adviser-technology-OPEN. SenteioS HughesL 2024 ‘Customer trust and satisfaction with robo-adviser technology,’ Journal of Financial Planning 37 7 84 84 https://www.financialplanningassociation.org/learning/publications/journal/AUG24-customer-trust-and-satisfaction-robo-adviser-technology-OPEN. Search in Google Scholar

Shin, D, Rasul, A, & Fotiadis, A 2022, ‘Why am I seeing this?: deconstructing algorithm literacy through the lens of users, Internet Research, vol. 32, no. 4, pp. 1214–1234. ShinD RasulA FotiadisA 2022 ‘Why am I seeing this?: deconstructing algorithm literacy through the lens of users Internet Research 32 4 1214 1234 Search in Google Scholar

Sinha, P, Calfee, CS, & Delucchi, KL 2021, ‘Practitioner's guide to latent class analysis: methodological considerations and common pitfalls,’ Critical Care Medicine, vol. 49, no. 1, pp. e63–e79, https://doi.org/10.1097/CCM.0000000000004710. SinhaP CalfeeCS DelucchiKL 2021 ‘Practitioner's guide to latent class analysis: methodological considerations and common pitfalls,’ Critical Care Medicine 49 1 e63 e79 https://doi.org/10.1097/CCM.0000000000004710. Search in Google Scholar

U.S. Census Bureau, 2020, 65 and Older Population Grows Rapidly as Baby Boomers Age. Census.Gov, viewed June 10, 2025. https://www.census.gov/newsroom/press-releases/2020/65-older-population-grows.html. U.S. Census Bureau 2020 65 and Older Population Grows Rapidly as Baby Boomers Age Census.Gov, viewed June 10, 2025. https://www.census.gov/newsroom/press-releases/2020/65-older-population-grows.html. Search in Google Scholar

Weller, BE, Bowen, NK, & Faubert, SJ 2020, ‘Latent class analysis: a guide to best practice, Journal of Black Psychology, vol. 46, no. 4, pp. 287–311, https://doi.org/10.1177/0095798420930932. WellerBE BowenNK FaubertSJ 2020 ‘Latent class analysis: a guide to best practice Journal of Black Psychology 46 4 287 311 https://doi.org/10.1177/0095798420930932. Search in Google Scholar

Zhang, L, Pentina, I, & Fan, Y 2021, ‘Who do you choose?: comparing perceptions of human vs robo-advisor in the context of financial services,’ Journal of Services Marketing, vol. 35, no. 5, pp. 634–646. ZhangL PentinaI FanY 2021 ‘Who do you choose?: comparing perceptions of human vs robo-advisor in the context of financial services,’ Journal of Services Marketing 35 5 634 646 Search in Google Scholar