Chatbots can provide general financial advice, but they're not reliable for major decisions like investing or buying a house.

The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

Rise of AI

AI chatbots such as ChatGPT, Gemini, and Claude are increasingly being used by consumers for financial advice, with a LendingTree survey showing nearly half of chatbot users have made at least one financial decision based on AI input. Common uses include budgeting, taxes, and seeking information on financial aid, investments, and public assistance programs. 

However, experts caution that while chatbots offer convenience, their information may not always be accurate or reliable. Users are advised to do their own research and consult licensed financial professionals, who can provide personalized advice based on individual circumstances such as risk tolerance and retirement goals. Verification of a financial advisor's credentials is also recommended.

Should you be using AI chatbots for financial advice?

Chat GPT, Gemini, Claude. These are all chatbots powered by AI that more consumers are turning to answer everyday questions or provide solutions. But there are some things that may be better left to real human beings to answer, said questions like financial decisions. I'm FOX 13's Robin Oginye and I want to tell you what to think about before taking financial advice from chatbots. LendingTree surveyed thousands of consumers about their chatbot habits particularly when it came to seeking financial advice. LendingTree found nearly half of chatbot users say AI has influenced at least one of their financial decisions. Of that 50%, 33% used it for budgeting, 32% used it for financial aid or scholarships, 31% used it for taxes and 30% asked it about opening or closing a financial account or loan. But 26% of those chatbot users rely on the bots for financial information. 61% seek advice about personal finance management, 42% are looking for stock market insights and 40% request help with public assistance programs such as SNAP or Medicaid. Researcher and author for the survey Carol Pope says convenience may play a role in someone's decision to turn to AI rather than a financial expert but she cautions. I think that using LLMs for things like this can be helpful as long as the person understands that it can be wrong and that the links that it gives for sources sometimes don't exist. So as long as the person is okay with doing their own research outside of just using the LLM then it could be a great tool. An AI chatbot is only as good as the prompt that you provide it so when you're looking for financial advice that gives me a lot of concerns because if you're not asking the right questions you're not going to be getting the right answers. This is Robert Cummings, he's the director for the Division of Securities for the Utah Department of Commerce. While he says consumers should look to chatbots for financial information as a tool for knowledge and understanding of a very complex subject, maybe like proper investing, there is one method of education that can't be beat. Always having a licensed professional on the other side of the table is going to be the best decision because they're going to have an ability to understand your risk tolerance, suitability of investments for yourself, your investment horizon, what your retirement goals are. If you decide to seek financial advice from a professional, make sure to check securities.utah.gov, click investor education, then on verify a license. You'll be able to see if the person you're seeking advice from is in fact the best person to give you financial advice. In the studio, Robyn Ogunye, Fox 13 News, Utah.

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Should you be using AI chatbots for financial advice?

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Rise of AI