ORLANDO, Fla. – Artificial intelligence isn’t just changing how we work or create. It’s now changing how we manage our money. A new survey by Empower finds that nearly half of Americans — 47 percent — feel more comfortable using A.I. for financial decisions than they did just a year ago. But can you really trust a chatbot with your savings, your retirement, or your future?
Chat GPT, Gemini, Microsoft Copilot. All of these A.I. tools claim they can answer just about any question, even about your money.
Recommended Videos
From retirement savings to debt repayment, more Americans are turning to A.I. for financial help.
“They’re able to track and categorize things much better than they ever used to,” said Joel Garris, President & CEO of Nelson Financial Planning.
A new study shows six percent of boomers, 18 percent of Gen X, and at least 30 percent of millennials and Gen Z have tried A.I. for money management.
Retirement planning tops the list, with almost half of users asking how much money they’ll need to retire.
A.I. often recommends the “4% rule” saying you can safely withdraw four percent of your savings in your first year of retirement and then adjust that amount each year for inflation. But experts warn that guideline is outdated. There’s no one-size-fits-all answer.
“The biggest issue online now is the spoofing of websites,” said Garris.
And security is a growing concern. Studies found that nearly 4.5 percent of A.I. prompts contain sensitive personal or employer data information that can be copied, stored, or shared without you even realizing it.
“Once A.I. has that information, then chances are everybody’s going to have that information,” explained Garris.
So, before you trust a chatbot with your checkbook, think twice and talk to a real human about your financial future.
A money.com test found that A.I. finance tools can miss key details like payment history or realistic timelines, leading users to make risky decisions. Experts say A.I. can be a great starting point, but it’s not a substitute for professional advice. For now, it’s best to use these tools as a guide, not a guru, and always double-check the numbers before you let A.I. decide your financial future.
Contributors to this news report include: Cliff Tumetel, Producer; Bob Walko, Editor.