Why You Should Be Skeptical About Financial Advice From Chatbots
2 Articles
2 Articles
Why you should be skeptical about financial advice from chatbots
Consider the following scenario. Suzy is 63, recently retired, and trying to decide when to start receiving Social Security and how to manage her retirement savings to minimize the tax hit. She opens an AI chatbot, types in the details, and gets a calm, well-organized and confident answer: Claim now, convert this much, here is the reasoning. The chatbot sounds authoritative and even shows its work. So Suzy follows its guidance and never calls a …
Artificial intelligence (AI) tools are increasingly playing a role in personal finance, but a new study suggests that these technologies are not currently a reliable source of financial advice. Leading generative AI platforms often provide conflicting recommendations for the same financial situations, and in some cases, advice was influenced by users’ demographics, such as ethnicity or gender. This phenomenon raises serious questions about the f…
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