As more Americans turn to AI chatbots for financial advice, research warns of potential misguidance and the risks of automated transactions amid evolving AI-driven financial services.
More Americans are turning to AI chatbots for help with everyday money questions, but new research from NerdWallet suggests the answers can be helpful, misleading or simply irrelevant depending on how they are used. The study found that about 26% of Americans have asked an AI chatbot about personal finance, and among those who acted on the advice, 39% said it improved their finances, 29% said it made things worse and 32% said it made no difference.
For Sara Rathner, a senior credit cards expert at NerdWallet, the figures show that AI is no magic fix. Speaking to KJRH, she said the technology can feel appealing because it offers a non-judgemental response and can be tailored in tone and style, but that same flexibility can also make it too eager to agree with the user. NerdWallet’s broader guidance says the quality of the answer depends both on how the prompt is written and on whether the chatbot is drawing on reliable, up-to-date sources.
The research also found that nearly half of Americans, 49%, do not feel confident judging whether AI-generated personal finance advice is accurate. About 1 in 5 people who followed such advice did so immediately, without asking follow-up questions, doing further research or seeking human input. NerdWallet’s separate testing of AI chatbots on common financial planning scenarios found that the tools could produce technically sound suggestions, but often lacked the personal context and flexibility that human advisers bring to more complicated situations.
The concern is growing as AI moves beyond advice and towards handling payments. Rathner told KJRH that the industry is laying the groundwork for AI agents to access bank accounts and credit cards with a user’s consent, then shop or complete transactions on their behalf. OpenAI’s ChatGPT now connects to credit cards and bank accounts across more than 12,000 financial institutions, while companies including Visa and Mastercard are building systems for so-called agentic commerce. That shift, NerdWallet argues, makes verification even more important: users should double-check every recommendation before treating it as financial guidance.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
