SAN DIEGO (KGTV) — A quarter of Americans are turning to artificial intelligence for help with their finances, according to a new survey from NerdWallet, but experts say you should do additional homework before following the advice you receive.
Sara Rathner, a credit cards expert at NerdWallet, says the free, non-judgmental nature of AI chatbots makes them appealing to many people.
"When you use an AI chatbot, it really feels like a conversational search engine."
But cross-checking the answers is key. Data shows 1 in 10 Americans who have asked an AI chatbot personal finance questions reported receiving inaccurate information.
"You're asking questions. It's giving you advice. You're not necessarily vetting the sources that it's pulling from, and so you might take an action that would harm you financially instead of help you."
Rathner says people should use AI as a tool for simple tasks, such as creating a household budget, comparing credit cards, or crunching numbers.
"If you have a high yield savings account that earns 3% APY and you put a certain amount of money into that every month, how much money will you have after three years? Those sorts of questions are pretty simple."
Rathner also warns against sharing personal information with AI tools, including your Social Security number, bank information, tax documents, or passwords, because security protocols are not in place when using this type of technology.
"Any information you give it is information you're putting out there. And if you don't feel comfortable doing that, then it's not necessarily a good solution for you."
Before making any big financial decisions, Rathner says to get a second opinion.
"Their answers could be one thing you keep in mind as you make a decision, but it doesn't have to be the only thing you keep in mind. You can continue asking questions, you can continue doing research."
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