Lloyds Bank recently unveiled a report suggesting that artificial intelligence (AI) could save individuals up to 14 hours per week. However, this time-saving promise is predominantly accessible to high earners who can afford the latest in premium technology. The report highlights the potential of AI to revolutionise time management, but it also raises questions about inequality in access to these technological benefits.
AI’s Time-Saving Potential
Lloyds Bank’s report, released in June 2025, claims that advancements in AI technology are poised to significantly impact how people manage their time. According to the findings, AI tools can automate routine tasks, streamline work processes, and even handle complex problem-solving, potentially freeing up nearly 14 hours each week for users. This development could transform daily life, offering more time for personal pursuits, family, and leisure activities.
Dr. Emma Collins, a technology analyst, emphasised the transformative potential of AI. “AI’s ability to manage tasks traditionally requiring human intervention is remarkable. From scheduling to data analysis, AI is changing the way we live and work,” she noted. However, she warned that the benefits are not evenly distributed.
The Wealth Gap in Tech Access
The report underscores a significant gap in who can access these time-saving benefits. High earners, who have the financial means to invest in the latest AI technologies, stand to gain the most. These individuals can afford sophisticated AI tools that handle various tasks efficiently, from managing emails to complex financial planning.
Conversely, those with lower incomes may not have the same opportunities. Without access to high-end technology, they miss out on the efficiency and convenience AI offers. This disparity raises concerns about a growing digital divide, where only a fraction of the population can fully benefit from technological advancements.
Expert Insights on AI Accessibility
Experts are calling for increased accessibility to AI technologies to bridge this gap. Professor Alan Thompson, an economist, commented on the need for affordable AI solutions. “We must ensure that AI’s benefits are not exclusive to the wealthy. Policymakers and tech companies should work towards making these tools accessible to a broader audience,” he said.
Professor Thompson suggested that government initiatives could play a crucial role. Subsidies or incentives for tech companies to develop cost-effective AI solutions could help democratise access. Additionally, educational programmes could equip more people with the skills needed to utilise AI effectively.
The Role of Tech Companies
Technology firms also bear responsibility in addressing this issue. By prioritising the development of affordable AI tools, they can contribute to reducing the digital divide. Some companies have already begun efforts to make AI more accessible, offering free or low-cost versions of their software.
For instance, tech giant XYZ Corp recently launched a programme providing free access to basic AI tools for small businesses and individual users. This initiative aims to empower users who might otherwise be unable to afford such technology, enabling them to benefit from AI’s time-saving capabilities.
Future Implications and Opportunities
The potential of AI to free up time for individuals is undeniable, but ensuring that these benefits are widely accessible is crucial. As AI continues to evolve, it presents an opportunity to rethink how society approaches work and leisure. By making AI tools more accessible, a greater number of people could enjoy an improved quality of life.
Looking ahead, the focus must be on creating policies and strategies that promote equitable access to technology. This includes encouraging innovation in affordable AI solutions and investing in education to increase digital literacy. By doing so, society can ensure that the advantages of AI are shared more broadly, reducing the risk of exacerbating existing inequalities.
In summary, while AI holds the promise of making life more efficient and freeing up valuable time, the challenge lies in ensuring these benefits reach everyone. Bridging the gap between high earners and those with limited resources will be essential in harnessing AI’s full potential for societal good.