ABSTRACT This study aims to examine the effectiveness of three sources of retirement planning advice: AI tools, financial planners, and their combined use, in shaping retirement saving behavior. We introduce the Technology‐Enabled Financial Help‐Seeking (TEFHS) framework, which extends earlier models of financial help‐seeking by incorporating technology adoption theory and resource‐based perspectives. Using survey data from 2000 state and local government employees, we employ logistic regression to test Stage 5 of the TEFHS framework: advice source effectiveness. Results show that all advice sources are associated with higher odds of saving for retirement compared to individuals reporting no formal guidance. AI‐only users demonstrate higher odds of saving, financial planner‐only users show stronger associations, and combined use of AI and financial planners produces the highest odds. These patterns are consistent with a combined model in which AI reduces friction for standardized, rules‐based choices while planners provide coordination and coaching for complex decisions. This study extends help‐seeking theory into a technology‐enabled environment while providing evidence relevant to the future of financial planning practice. The results indicate that expanding access to both AI‐enabled tools and financial planners remains important for improving retirement saving behavior, particularly among individuals who do not currently engage with professional financial advisors. This study advances understanding of how AI tools and human advisors contribute to retirement saving behavior, providing empirical support that these advice sources can reinforce each other. Results suggest that AI and human advisors provide distinct value in supporting retirement saving behavior. We conclude with implications for practitioners and policymakers seeking to expand access to comprehensive financial guidance.
Antonoudi et al. (Mon,) studied this question.