Study Says AI Should Not Replace Personal Finance Advice

A new study says people should be careful when using AI for Personal Finance advice.

The study was shared in the Journal of Financial Planning. It looked at seven popular AI tools. These were ChatGPT, Claude, Copilot, DeepSeek, Gemini, Meta AI and Perplexity.

The research found that the AI tools did not always give the same answer. They gave different ideas about emergency savings, money for retirement and how to invest.

The study also found that some answers could be wrong or unfair. In some tests, the advice changed when the race or gender of the person was changed. This made the researchers worry about bias.

Experts said AI can help people learn about money. It can explain simple ideas like saving, spending and investing. But it should not be the final guide for big money choices.

The study also warned that AI can sound sure even when the answer is wrong. Small changes in a question can also lead to a different answer.

Researchers said AI does not have a legal duty to give advice that is best for each person. Because of this, people should check important money advice with a trusted financial expert.

The researchers said AI is still getting better. Future versions may improve. For now, they believe AI is a good learning tool but should not replace professional help for important personal finance decisions.