Experian research released recently highlights a strong interest among U.S. consumers in using generative AI for personal financial management.
The tech and data company has reportedly surveyed consumers across the country to understand current perceptions about generative AI and how frequently Americans are tapping into the technology to manage their personal finances.
Key findings:
- According to the research, 63% of consumers are familiar with generative AI, including 84% of Gen Zers and 79% of millennials, and one-in-three say they’re using it to learn about a new topic or finances.
- Nearly half (47%) have or are considering using generative AI-powered tools to help with managing their personal finances ¾ a sentiment that rings especially true for America’s youngest consumers, with 67% of Gen Zers and 62% of millennials stating they use the technology to manage their personal finances.
- Notably, among those who have used generative AI for personal financial management, an impressive 96% reported positive experiences and 77% stated they use generative AI for personal financial tasks at least once a week.
In looking at why consumers are turning “to generative AI for personal financial management, 67% said it helps them feel more productive or make decisions faster, and 38% stated they trust generative AI as much or more than human advisors.”
Consumers said generative AI is most helpful for the following areas of their financial life:
- Saving and budgeting (60%)
- Investment planning (48%)
- Credit score improvement (48%)
Experian’s tech tips for generative AI users
For consumers currently leveraging, or who are “considering” leveraging, generative AI to learn about or manage their finances or credit scores, Experian’s consumer education and generative AI experts recommend the following:
- Don’t forget the basics: While there’s no question generative AI can be a helpful tool for managing your finances, consumers shouldn’t lose sight of the “old school” ways to protect their financial health and credit standing. This includes checking your credit report and scores regularly. You can get a free copy of your Experian credit report and FICO® Score updated daily at www.experian.com or via Experian’s free mobile app. Consumers can also get a free credit report from each of the three credit reporting agencies once a week at www.annualcreditreport.com.
- Verify your findings: Generative AI tools are only as good as the information they consume and there’s no shortage of misinformation about managing your credit scores and finances that exists online. Always cross-check AI-generated financial advice with reputable sources.
