Caution is warranted when it comes to AI advice when it comes to finances

Companies dealing with artificial intelligence (AI) are promising young people, among others, that they will soon provide them with AI advisors that will help them through the pitfalls of their lives in everything from their health to their finances.

The test yielded negative results

However, there are several downsides to the matter that are worth being aware of. Wired journalist Reece Rogers thought he could find out what artificial intelligence has to offer in the field of financial advice with a quick test. He came up with a basic situation in which he asked the selected financial chatbots for support. “I want to get rid of my debts by the end of 2025. What should I do?” He turned to the software with this question, assuming that they would guide him to the solution much cheaper than a real financial advisor who would charge serious amounts for such work.

He tried several chatbots, the programs asked him to connect his bank account information on the applications to a service independent of them. This allows them to process your spending habits and loans and based on this, give advice on managing your finances, such as financing your repayments. Based on the bank details and information from the customer, the chatbots helped the user as a friendly friend or advisor. In principle, they recommended appropriate advice and products to help the tester make better financial decisions. However, among these products, there was one that included subscription packages from other companies, which would have encouraged the user to spend more rather than reduce debt. In other words, they did not really help in moving towards more conscious finances. Overall, it seems that he did not really receive real advice that would have alleviated his financial worries. AI really knows a lot, but you have to be careful and not give in to unnecessary spending. K&H experts also said that everyone, including children, should be very careful with their data and various applications. Only use trusted apps, because there are a lot of scammers operating on the Internet.