From generating music and art to translating text, answering questions and solving problems, AI (artificial intelligence) tools such as Google Bard, OpenAI's ChatGPT and Midjourney are starting to become a valuable part of our lives.
AI is even shaping the financial planning landscape, with an increasing number of platforms helping users analyse their spending habits in real time, create budgets, minimise investment risk, and make better financial decisions.
While it is unclear what percentage of Singaporeans use or have an interest in using AI for financial advice and assistance, an August survey by CNBC found that 37 per cent of US adults are interested in using AI tools to help them manage their money. The survey also found that 11 per cent are "very interested", and 4 per cent already use AI tools for money management.
Whether AI tools end up replacing financial advisers remains to be seen, but because such services are free, often from reputable companies, and instantly accessible, they can be a good place to start if you need to get your finances in order, says Karen Tang, certified financial planner and senior wealth management consultant.
But such tools are only as good as the sources from which the advice or information was obtained, she adds.
"AI answers therefore can't always be taken as gospel. They need to be verified by someone competent before they can be trusted.
"Their answers also depend on the specificity and detail of the questions asked. How well you're able to articulate the nuances of your preferred goal-achievement strategy is key."
Additionally, Karen cautions about the general and simplistic nature of AI-generated answers. You may have unique questions or concerns for which AI tools simply cannot address accurately or reliably.
This story is from the December 2023 edition of Her World Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 2023 edition of Her World Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
BACK TO BOLD
Say goodbye to low-key and hello to decadence with over-the-top makeup trends. Here's why maximalist beauty is taking over.
THE CORTISOL CONNECTION
Is it possible to undo the ravages of stress while living in a fast-paced world? We dive into how our levels of cortisol - our body's primary stress hormone - can be regulated, and ways to manage its effects.
Air-dry or blow-dry - which is worse for your mane?
Haircare experts share their advice.
Book Club
More than just a vision-enhancing tool, prescription glasses are shaping up to be quite the fashion statement.
How can I use Artificial Intelligence (Al) more effectively at work?
Govtech engagement manager Nicole Lim answers.
BEHIND CLOSED DOORS
Swing by these intimate, hidden bars featuring unique concepts and inventive cocktails.
THE ORANGE PEEL THEORY
Would you break up with your partner over peeled fruit? This latest social media trend might just be the unlikely dealbreaker.
The rise of tradwives
Is this just another fancy name for a stay-at-home mum?
HOW MUCH IS FAMILY PLANNING ACTUALLY COSTING YOU?
It's always prudent to be financially sound and savvy - especially if you're planning to start a family. Find out how you and your partner can map out a financial plan that is realistic, based on advice from parents and experts.
IN THE THICK OF ACTION
Doctor by day, champion for change by night: Dr June Goh-Rin is a whirlwind of energy. This multi-hyphenate doctor, advocate and former president of the Singapore Council of Women's Organisations (SCWO) tackles every challenge whether at work or advocating for women's issues - head-on.
