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CLEVELAND, Ohio (WOIO) -Around half of Americans are now considering or already using AI chatbots to understand more about their financial picture, according to financial news publication Investors Observer.
“We are seeing a lot more people using these programs because they seem so intuitive. You write a question, you press enter, it spits out an answer. It’s very easy to use,” said Sam Borgi.
Borgi said platforms like ChatGPT, Perplexity and Grok seem very authoritative to users seeking financial guidance.
“But the problem is that it’s overly generic and it avoids a lot of the detailed warnings on student loans, for example, on things like private loans. It tends to understate or omit what the risks are,” Borgi said.
Borgi said their research division found these chatbots either lacked the complete picture, specialized analysis, and how it might impact current income, or they overwhelmed users with a data dump of information.
“It downplays the severity of things. It has insufficient warnings on things like what’s considered risky borrowing,” Borgi said.
The demographic using AI financial advice the most are lower-income borrowers who cannot afford registered financial advisors.
“This demographic is the one that tends to be hurt the most by whether it’s inflation, unemployment, or lack of available funds to invest. And we’re seeing this demographic being the one who’s most vulnerable to potential issues if the advice that they’re given isn’t really sound,” Borgi said.
“In the case of student loans, for example, if you don’t understand how interest costs are going to affect your balance, the repayment schedule is going to impact your monthly spending habits, that’s going to be a very big issue,” Borgi said.
While there are indications that people are seeking out financial advice from chatbots, there is not enough information yet to say how many are acting on it.
Financial advisors recommend sticking with registered human finance professionals until these chatbots evolve into something more reliable.
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