Gen Z, millennials are using AI for personal finance advice, report finds

tech
Created 11/4/2024
Updated 11/4/2024

A recent Experian report highlights the growing trend of using AI for personal finance among younger generations, with 67% of Gen Zers and 62% of millennials leveraging tools like ChatGPT for tasks such as budgeting, investment planning, and credit score improvement. These AI tools are praised for their accessibility and ability to simplify complex financial tasks, making them appealing to younger users. However, financial advisors warn against relying solely on AI, emphasizing the importance of verifying information with external resources. The survey, conducted among 2,011 U.S. adults, also shows that 41% of Gen Xers (44 to 59) and 28% of baby boomers (60 to 78) have used or considered using AI for financial purposes. Despite the enthusiasm, experts advise using AI as a starting point rather than a sole resource for financial decisions.

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