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

by Ana Teresa Solá, CNBC

People are using artificial intelligence for tasks like writing and editing resumes and cover letters — and even to get personal finance advice. While some of those insights can be valuable, financial advisors caution that AI shouldn’t be your only resource.

A new report by Experian found that 67% of polled Gen Zers and 62% of surveyed millennials are using artificial intelligence to help with their personal finances. Users say that generative AI tools like ChatGPT have helped in areas including saving and budgeting (60%), investment planning (48%) and credit score improvement (48%).

“It’s free. It’s more accessible. It simplifies complex tasks like creating a budget,” said Christina Roman, consumer education and advocacy manager at Experian.

The survey polled 2,011 U.S. adults from August 30 to Sept. 3. The Gen Z respondents were ages 18 to 27 while millennials were ages 28 to 43.

 

continue reading »