More Americans are getting financial advice from AI
More Americans are getting financial advice from AI
More Americans are turning to AI for financial information. According to First National Bank of Omaha's 2025 Financial Wellbeing Study, 31% of respondents consult an advisor, and 46% have already used tools like ChatGPT to help manage their money, while 50% say they trust AI for financial advice.
The findings suggest AI financial guidance is becoming more common, and according to Accredited Debt Relief, it's worth understanding what it means for your finances.
Key Takeaways:
- 46% of Americans get financial guidance from AI, more than the 31% who consult a human advisor (FNBO, 2025).
- 61% of Gen Z already use AI to help manage their money (Ipsos/BMO, 2024).
- Nearly half of consumers have used tools like ChatGPT to help with their finances, and 50% say they trust AI for financial advice.
- AI works well for explanations, budgeting, debt comparisons, and running "what-if" scenarios — but has real limitations.
- For significant debt or complex financial decisions, a conversation with a real professional still goes further.
The Real Reason People Ask AI About Money Problems
Financial advisors are valuable, but they can feel out of reach. There's the cost, the scheduling, and the vulnerability of laying out a messy financial situation to a stranger. AI removes that friction. It’s anonymous, and there are free options that are available on demand, at any time of day.
Likewise, people who would typically go to friends or family to ask for advice about money are turning to large language models for immediate answers and skipping vulnerable conversations where they could be judged for being honest about their debt or financial behaviors.
Among those turning to AI for financial advice are younger generations. At least 3 in 5 (61%) Gen Zers already use AI to help manage their finances and investments, according to a 2024 Ipsos poll conducted for BMO.
What AI Tools Can Actually Do for Your Finances
AI is a useful starting point for everyday financial questions and does well with:
- Plain-English explanations — Ask what APR means, how a charge-off affects your credit, or why minimum payments barely move your balance. AI explains clearly, without condescension, as many times as you need.
- Budget building — Share your income and rough expenses, and AI can help you draft a 50/30/20 or zero-based budget to react to and refine.
- "What if" scenarios — What happens to your payoff timeline if you add $100 a month to your payment? AI can run those numbers quickly.
- Breaking the ice — For people who've been avoiding their finances out of anxiety, asking an AI can be the thing that finally gets them moving.
What AI Gets Wrong About Your Money (and Why It Matters)
AI tools can be genuinely useful for explaining financial concepts, running quick calculations, or outlining general frameworks. But they have some consistent blind spots that matter a lot when real money is involved.
They only know what you share with them.
That puts a lot of pressure on you to give them enough context for sound advice. Without getting your full financial picture, the way a human advisor would, any recommendation from AI may be incomplete or inaccurate.
Their information might be out of date.
Tax laws, interest rates, and debt strategies change. AI is bound by its knowledge base, and whether or not you are using a version with live internet access. Many free versions don’t have this feature. With this limitation, AI might give you outdated information.
They might hallucinate responses.
AI tools sometimes generate answers that sound completely authoritative but are simply wrong. Unlike a licensed advisor, AI has no way to flag its own uncertainty. Always verify specific figures or guidance before acting on them.
They can't account for behavior.
The best financial plan is one you'll actually stick to, and AI has no way to factor in your personality, lifestyle, spending habits, or financial history.
They have no accountability.
A licensed financial planner has fiduciary obligations. That means they are legally required to act in your best interest, and they're licensed and regulated. AI has no such regulations. If AI gives you guidance that turns out to be wrong, or just wrong for your situation, there are no consequences.
Use AI to learn, calculate, and prepare — but for decisions that actually matter, bring in a human.
When It's Time to Talk to a Real Person About Your Finances
AI is making financial literacy more accessible as more people are learning important terminology, bolstering fundamental skills, discovering budgeting techniques, and exploring options for their debt.
For decisions that have real consequences — retirement planning, major purchases, navigating a job loss, or building long-term wealth or dealing with debt — a conversation with a human advisor who can review your full picture often goes further than any chatbot can.
The content and resources provided are for informational purposes only. Please consult with your financial or tax advisor regarding your financial circumstances.
This story was produced by Accredited Debt Relief and reviewed and distributed by Stacker.
