Chris O'Shea
You hear about AI or artificial intelligence just about everywhere. It’s even being used to help with personal finance. According to a new study, more people are using AI to manage their finances. Whether or not it’s helpful remains to be seen.
Recent Study on Finance and AI
The study of adult Americans found that 37 percent used some type of AI to manage their finances.
Breaking Down the Numbers
Here’s a more specific breakdown of how people are using AI:
- Learn about personal finance (49%)
- Budgeting (48%)
- Learn about investing (47%)
- Help build build savings (47%)
- Create or revise financial plans (46%)
It’s not surprising that so many people are using AI. People are naturally interested in new tech. However, AI remains exactly that — new tech.
Accuracy Study
A separate report on AI accuracy in finance found that it performs “slightly better than humans.” The University of Chicago Booth School of Business found that AI is 60 percent accurate when predicting financial performance whereas humans, comparatively, usually come in between 53 and 57 percent.
Proceed With Caution
Artificial intelligence may perform slightly better, but it is so new you might want to do your own research. It’s not a bad idea to familiarize yourself with it, as it could be helpful as a future enhancement in your day to day life.
Do One Thing: As with anything new, be cautious about using AI for personal financial decisions.
Jean Chatzky
