The use of Artificial Intelligence i.e. AI is increasing rapidly around the world. While earlier AI was considered limited only to technology and research, now it is becoming a part of the everyday life of common people. The special thing is that now people have started using OpenAI’s ChatGPT, Google’s Gemini, Microsoft’s AI tools and Anthropic’s Claude as their personal financial advisors.
Experts believe that the easiest and most useful use of AI can be done in financial planning. In today’s time, people are taking the help of AI chatbots to manage investments, savings, budget and expenses. These tools can help users reduce expenses, increase savings and understand investment options in a matter of seconds.
For example, if a person wants to make a monthly budget, he can prepare a better financial plan by sharing information about his income and expenses with the AI chatbot. AI can also suggest which sectors are costing more and where money can be saved. Apart from this, AI also provides instant information on topics like SIP, mutual funds, emergency funds and retirement planning.
However, experts are also warning that AI cannot be considered a complete substitute for a professional financial advisor. AI chatbots provide advice based on the internet and available data, but they cannot understand a person’s entire financial situation, risk appetite and future needs as deeply as a human advisor. Therefore, before taking important decisions like big investment or loan, it is considered necessary to take advice from a certified financial expert.
Despite this, AI based financial advice is becoming increasingly popular among the youth. Especially for those people who want initial information about stock market, crypto, mutual funds and tax saving, AI has emerged as an easy and fast option. AI chatbots are available 24 hours a day and can explain complex economic terms in simple language.
Technical experts say that AI can bring a big change in the personal finance sector in the coming times. Banking, insurance and investment companies are also now working rapidly on AI based services. In future, people can get automated advice according to their expenses, investments and savings.
At present it is clear that AI is no longer limited to just answering questions. It has gradually started affecting the economic life of the people as well. But experts advise that you should definitely take the help of AI, but do not blindly trust any advice. With intelligence and correct information, AI can prove to be a better manager of your money.