No longer do younger Americans turn to mom or dad to help set up their 401(k), understand their paycheck, or get investment advice—that’s because AI has become their new financial friend.
While AI has taken on roles ranging from break-up coach to health expert, tools like Open AI’s ChatGPT and Google’s Gemini are now guiding younger generations to tackle their financial woes, from credit card debt to picking their latest stocks and ETFs.
In fact, two-thirds of adults who’ve used AI for financial advice say they’ve actually followed it—and 80% of those say it helped their finances, according to a survey of more than 1,000 people by Intuit Credit Karma.
But here’s the catch: it’s far from foolproof. Over half of respondents who used AI for financial advice made a “poor financial decision or mistake” based on what it prompted them to do.
Unsurprisingly, those at pivotal points in their financial literacy journey are the most frequent users of AI, with around 82% of Gen Z and millennial AI users turning to it the most for money guidance.
