People are deeply sceptical about robo-advice and prefer human financial advisers, research has indicated.

A survey involving European consumers found 91 per cent would not let a computer program make and act on financial decisions on their behalf.

One in three (36%) was against all automated activities when it comes to their finances.

The report suggested that most consumers do not feel comfortable with the new technology.

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The results came in the fifth annual ING International Survey Mobile Banking 2017 – Newer Technologies, which surveyed nearly 15,000 people across 15 countries.

Allowing a computer program to make decisions was not out of the question for some people, with a quarter (26%) saying this would be an option if they got final approval.

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.

However, only 3 per cent were willing to give up control and let a robo-adviser act on their behalf without them first giving the go-ahead.

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 per cent 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.

Women were 15 per cent 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 said: “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.”

The report stated: “Behavioural science suggests that people are typically reluctant to give up control – or perceived control – over decisions, even if outsourcing the decision will lead to a better outcome, so this could explain why so few people would be willing to hand their decisions over to a computer program.

“At the same time, people feel more comfortable if robo-advisers simply advise rather than make decisions on their behalf.”