Can you trust artificial intelligence to help manage your money?

Source Domain: theweek.com

Over a third of 18- to 34-year-olds use AI for investment choices, mainly to understand complex financial information.
There are caveats to relying on AI; Consumer watchdog Which? notes that AI tools can make mistakes and give risky advice.
People often feel ashamed of their financial illiteracy, but AI can help explain complex jargon without judgment.
AI can provide a basic understanding of financial topics like budgeting and estate planning but not tailored financial advice.
AI tools can provide incorrect or incomplete information and are not regulated, meaning they don’t know personal financial goals or risk tolerance.
It is essential to double-check AI-provided information with trusted sources.
Protect personal sensitive information as AI presents potential risks of data misuse.

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