SALT LAKE CITY — ChatGPT, Gemini, Claude: these are all chatbots powered by artificial intelligence that more consumers are turning toward to answer everyday questions or provide solutions.
LendingTree surveyed thousands of consumers about their chatbot habits, particularly when it came to seeking financial advice.
LendingTree found that nearly half of chatbot users say A.I. has influenced at least one of their financial decisions.
Of that 50%, 33% used it for budgeting, 32% used it for financial aid or scholarships, 31% used it for taxes, and 30% asked it about opening or closing a financial account or loan.
But 26% of those chatbot users rely on the bots for financial information.
The survey found 61% seek advice about personal finance management, 42% are looking for stock market insights and 40% request help with public assistance programs such as SNAP or Medicaid.
Carol Pope, the researcher and author of the survey, says convenience may play a role in someone’s decision to turn to A.I. rather than a financial expert, but she urges users to use caution.
“I think that using LLMs (or large language models) for things like this can be helpful as long as the person understands that it can be wrong and that the links that it gives for resources don’t exist,” said Pope. “So as long as the person is okay with doing their own research outside of just using the LLM, then it can be a great tool.”
“An A.I. chatbot is only as good as the prompt that you provided,” added Robert Cummings, director of the Utah Department of Commerce's Division of Securities. “When you’re looking for financial advice, that gives me a lot of concerns, because if you’re not asking the right questions, you’re not going to be getting the right answers.”
While Cummings says consumers should look to chatbots for financial information as a tool for knowledge and understanding of a very complex subject like proper investing, there’s one method of education that can’t be beat.
“Always having a licensed professional on the other side of the table is going to be the best decision, because they’re going to have an ability to understand your risk tolerance, suitability of investments for yourself, your investment horizon, what your retirement goals are," he said, "And those are all important factors and variables that aren’t necessarily going to be baked into a prompt to an A.I. chatbot."
Pope notes that if you do engage with a chatbot for financial information, chat with it like it’s a colleague instead of a friend.
“It is very agreeable. It will almost always tell you you’re right, even if you’re not, so if you’re going to start a prompt, make sure to tell it ahead of time to be very conservative with its answers, to double-check the information,” she said.
If you decide to seek financial advice from a professional, check the Division of Securities website. Click investor education, then verify a license. You’ll be able to see if the person you’re seeking advice from is in fact the best person to give you financial advice.