Alphabet visible in the background, in this photo illustration taken in Brussels, Belgium, on December 29, 2023. found that 73% of respondents globally are concerned about rising prices, reflecting the financial strain on households around the world. Against that backdrop, generative artificial intelligence isas a popular tool in personal finance, reflecting the evolving ways in which people think about budgeting, investing and financial planning.
“Products that aren’t providing personalized insights won’t gain the trust and loyalty of younger customers — and you can’t do that without AI,” Hussey-Yeo says., 74% of Gen Z and millennials are open to using AI-powered financial tools to manage their finances. Despite stereotypes of frivolous spending, 57% of Americans aged 18 to 24 say they’re already saving for retirement — and many are doing so with the help of AI.
“Generative AI has a bad habit of treating all financial trade-offs equally, ignoring the reality that these decisions are rarely black and white,” says Shuminer. “The opportunity lies in using AI with precision and thought,” he says, adding that AI is useful for specific processes such as cleaning up financial data, better understanding transaction categories, narrowing down options and presenting insights in clear, actionable ways.
Lee Provoost, Chief Technology Officer at Flagstone, advises users to start small. “For many, the idea of handing over your savings goals or bank account management to a bot feels alien and uncomfortable,” says Provoost. “For those who do give it a go, it’s worthwhile starting small to ensure the actions the bots take align with your individual risk appetite.”Experts concur that generative AI works best as a collaborator or assistant rather than a replacement.
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