A growing number of Americans are using artificial intelligence to help manage their finances and investments, with use of the technology most pronounced among young people, according to a new survey by BMO.
Thirty-seven percent of Americans use AI to help manage their finances, according to the survey. The most common uses include learning more about personal finance topics (49%), creating and/or updating household budgets (48%), identifying new investment strategies (47%), building savings (47%) and creating and/or updating their financial plans (46%). Still, despite the growing use of the technology, around two-thirds of respondents (64%) said AI cannot understand how emotions influence financial planning.
Gen Z—usually defined as individuals ages 27 or younger—were the most likely to use AI to ask questions about topics of interest (82%), create written drafts (75%), build business, travel, exercise and/or meal plans (67%) and manage their finances and investments (61%). More than half of Gen Z respondents (58%) believe AI can help people make more informed financial decisions, and roughly the same amount (55%) are confident AI tools can help them make real financial progress.
