ChatGPTeacher: Two-Thirds of Americans Use AI for Financial Advice

Core Insights - Two-thirds of Americans are using generative AI for financial advice, with a significant portion using it frequently and feeling comfortable asking questions they might avoid with traditional financial advisors [1][2]. Usage and Perception of GenAI - GenAI is viewed as a powerful tool for personalized financial learning and management, according to Courtney Alev from Intuit Credit Karma [2]. - Users of GenAI report positive outcomes, with 80% stating their finances improved and 81% feeling more confident in managing their money [4]. Trustworthiness and Effectiveness - Economist Andrew Lo indicates that large language models like ChatGPT can provide reasonably accurate personal finance advice, although they may not fully pass as reliable advisors [3][4]. - Among those who have used AI for financial assistance, 79% found the information accurate and 71% deemed it helpful [5]. Common Financial Topics - The most common topics people inquire about when using GenAI include: - Financial education and basic personal finance concepts (35%) - Financial goal setting and action plans (35%) - Budgeting and expense management (34%) - Optimizing savings (33%) - Investing in the stock market (32%) [6].