Karrastock | Moment | Getty Images People are using artificial intelligence for tasks like writing and editing resumes and cover letters — and even to get personal finance advice. While some of those insights can be valuable, financial advisors caution that AI shouldn’t be your only resource.
A new report by Experian found that 67% of polled Gen Zers and 62% of surveyed millennials are using artificial intelligence to help with their personal finances. Users say that generative AI tools like ChatGPT have helped in areas including saving and budgeting (60%), investment planning (48%) and credit score improvement (48%).
“It’s free. It’s more accessible. It simplifies complex tasks like creating a budget,” said Christina Roman, consumer education and advocacy manager at Experian.
The survey polled 2,011 U.S. adults from August 30 to Sept. 3. The Gen Z respondents were ages 18 to 27 while millennials were ages 28 to 43.
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‘Window of low prices is brief’To compare, about 41% of Gen Xers surveyed, or adults ages 44 to 59, have used or considered using generative AI as a financial tool. The share is smaller for baby boomers surveyed (ages 60 to 78) at 28%.
According to data Experian provided to CNBC, 98% of Gen Z adults and 98% of millennials had a positive experience with the software.
While using generative AI can help as a first step to drawing up a budget or figuring out how to increase your credit score, always verify the information through external resources, experts say. watch now“We see misinformation on financial matters all the time,” said Dawn C. Abernathy, a certified financial planner at Core Planning in Chesterfield, Missouri. She also has a background in engineering and software management.“From working in technology for a number of years and having to solve some very difficult problems … I’m going to vet any answer that comes out of any tool,” Abernathy said. Pros and cons of using AI for financial advice Artificial intelligence can be useful or […]
Gen Z, millennials are using AI for personal finance advice, report finds
