New Study Warns AI Is Not Ready for Personal Finance Advice

A new study from the University of Georgia says people should be careful when using AI chatbots for Personal Finance advice.

The study looked at seven AI chatbots. These included ChatGPT, Claude, Copilot, Gemini, DeepSeek, Meta AI and Perplexity.

The researchers asked each chatbot the same money questions. They asked about saving money for emergencies, planning for retirement and starting an investment plan.

The answers were not always the same. Some chatbots gave different advice for women and African American people. Others gave different amounts for emergency savings. This shows that the advice can change from one chatbot to another.

The study also found one thing that was the same. All seven chatbots said a person could use a 4% yearly withdrawal rate from retirement savings. This matches common advice from many financial experts.

The lead researcher said AI can help people get started. But it should not replace a real financial planner or accountant. Every person has different goals and needs. A chatbot may not know the full story.

The researchers shared one clear message. People should trust AI but always check the advice before making big money choices. Getting help from a trained financial expert is still the best way to make safe and smart Personal Finance decisions.