PurposeArtificial intelligence and robo-advisory have become prevalent in the finance industry, and many people rely on robots instead of humans for financial advice. This study aims to examine whether robo-advisory increases retirement worry based on agency theory and rational choice theory.Design/methodology/approachThe present study investigate whether relying on robots for financial advice increases retirement-related worry in the present study. Using a sample of 1915 investors from the National Financial Capability Study (NCFS) survey, the author conducted instrumental variable regression analysis to examine the causal linkage.FindingsUsing fear of financial fraud as an instrument variable, the study provides a causal explanation of the linkage between robo-advisory usage and retirement worry. After controlling for sociodemographic and financial literacy-related variables, it is found that robo-advisory increases retirement worry.Originality/valueFindings of the study emphasize on downsides of the artificial intelligence-enabled robo-advisory for financial planning. This article provides evidence that a lack of human involvement in financial planning may lead to increased worry among investors, which calls for attention from the regulators and policymakers.