CAN YOU TRUST AI'S FINANCIAL ADVICE?

We put chatbots to the test. Here's what the technology is good at, what humans do better and how you can use them together to make smarter money decisions.

- BY CHRIS TAYLOR

THERE'S no denying that artificial intelligence has stormed into our lives like a tsunami.

Now that wave is heading straight for our finances.

In fact, it's already here. Nearly half of consumers say they have already used AI tools such as OpenAI's ChatGPT, Google's Gemini and Anthropic's Claude to help manage their personal finances or they are considering doing so, according to a recent Experian survey. And while younger people are more likely to embrace the technology, older generations lately have been hopping on the bandwagon too, with 41% of Gen Xers and 28% of baby boomers saying they are open to using AI for money-related tasks.

People turn to AI for help on a wide range of financial topics, with savings strategies, credit scores or credit cards, and investing or stock market advice topping the list, according to a survey last year by J.D. Power. People who ask AI for guidance seem happy with the results. In the Experian study, 96% of those who tapped AI to help them with a money question report that it was a positive experience.

If you're working with a financial planner, you may think you don't need to be chatting with the likes of Gemini and Claude. In fact, however, you may already be getting an assist from AI when it comes to your money. Some 57% of financial advisers use AI tools in their work, and another 29% are exploring the idea, a Charles Schwab poll found.

Given how ubiquitous AI is becoming in the world of financial advice, you've probably got questions about it—and rightly so. Can AI really help you make smarter decisions with your money? Can you trust the advice it gives? What financial challenges are the chatbots good at, and where do they fall flat? And how do the recommendations they provide stack up against the guidance of real, live human advisers?