Millennial and Gen Z citizens in the United States have been taking advantage of AI tools like ChatGPT to help balance their finances, according to a new survey from an Irish data and tech company.
Dublin-based Experian determined that 67 per cent of Gen Z Americans are using the technology to assist with financial planning while 62 per cent of millennials do so. The analytics company surveyed 2,011 U.S. citizens in the two age groups for its findings.
Approximately 77 per cent of surveyed individuals reported using AI tech for finance management tasks at least once a week. Additionally, 60 per cent said AI models can help with budgeting and 48 per cent reported that they were beneficial for investing advice and improving their credit score.
“We believe the responsible use of AI can help create new opportunities for consumers looking to improve their financial literacy and overall financial health,” Experian representative Christina Roman said in the report.
Moreover, Experian data has indicated that 98 per cent of both demographics have had positive experiences with artificial intelligence programs overall.
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That is according to a study completed earlier this year by Ipsos. The Toronto-headquartered market researcher also found that 43 per cent of participants were using AI to enhance their financial knowledge and budget home expenses.
Meanwhile, 42 per cent have been utilizing machine learning programs for investment strategy ideas. A cohort of 2,500 Canadians were surveyed for the study.
AI technology is capable of examining data and providing valuable insights in minutes that would take humans several hours to figure out.
“AI can take information and spit something comprehensible back out to an advisor that would otherwise take them many, many hours of reading notes,” PWL Capital research lead, Ben Felix, explained to Global News in late July.
Financial sector AI spending globally is expected to skyrocket in the coming years, sources have estimated. A report this month from Forbes determined that US$62 billion more will be spent in 2027 than last year.
Nearly 100 per cent of leading financial services companies in the U.S. and Canada are implementing AI technology into their operations in some fashion.
rowan@mugglehead.com
