More people are turning to artificial intelligence tools for everything from budgeting and investing to retirement planning and debt repayment.
But as more consumers use platforms like ChatGPT, Gemini and Claude for financial guidance, experts say people should understand the difference between using AI to learn about money and relying on it to make important financial decisions.
The issue is gaining renewed attention after a recent Axios report found some consumers are giving AI agents access to their bank accounts. According to the report, some banks even identified cases where AI agents appeared to take actions customers did not specifically authorize.
Mical Jeanlys-White, founder of WealthMore and host of the All The Wealth podcast, joined consumer reporter Josh Sidorowicz on the In Your Corner podcast to discuss when AI can be useful and when it can put your money at risk.
AI can be a useful financial tool
Jeanlys-White says AI can be a valuable resource for consumers looking to better understand financial concepts, compare options and conduct research.
“I’m a huge fan of using AI for information, helping us be more efficient, get more things done,” Jeanlys-White said.
But consumers should not overlook the technology’s limitations, especially when it comes to personalized financial advice, she cautioned.
Why experts are concerned
One of the biggest concerns surrounding AI-generated financial guidance is accountability.
Unlike licensed financial professionals, AI tools do not have a fiduciary responsibility to act in a user’s best interest.
“It has no liability,” Jeanlys-White said.
Jeanlys-White said many consumers are looking for immediate answers to financial concerns, but warned against treating AI-generated responses as definitive advice.
“I worry that people have money concerns, and they’re looking for an immediate, ‘Just tell me what to do,'” Jeanlys-White said. “That is not the right approach when it comes to your money.”
How to safely use AI for financial questions
Jeanlys-White recommends using AI as a research and educational tool rather than a replacement for professional financial guidance.
Consumers should also avoid sharing sensitive personal or financial information with AI platforms and verify important information before acting on it.
As AI continues to become more integrated into everyday life, experts say the technology can be helpful for learning, but major financial decisions still require careful consideration and human judgment.
You can find the full conversation on the CBS Philadelphia YouTube channel or wherever you get your podcasts.
