The Money Tasks Americans Should Let AI Handle — and the Ones Experts Say To Avoid
Artificial intelligence (AI) tools have permeated every aspect of life, with users asking models like ChatGPT or Claude questions about everything from finance to life advice.
Concerning the former category, however, here’s the reality: While it might seem easier to let AI handle all of the often boring (and always complex) questions you might have related to your fiscal situation, it’s something you should be cautious about — and the experts tend to agree.
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Money Tasks That You Should Let AI Help You With (If You Trust It at All)
Despite AI’s annoying habit of hallucinating and sometimes of just making stuff up from whole cloth, it really can be a life-saver when it comes to creating or reinforcing a basic financial education, according to VanGuard.
Ask AI the big-picture questions and refine your learning from there: If you want to know what a Roth IRA is and how it basically works, ask your favorite LLM. In the realm of hard and concise answers to questions which are strictly technical in nature, AI can act as an inexpensive and on-call educator. It’s still a smart move to get a second opinion from a credentialed (and human) financial expert.
Let AI help you craft your budget: AI is pretty good with numbers and if you have your income and expenses file on hand, you might want to consider making ChatGPT, Perplexity, Claude or another model act as your free (or close enough to it) budget buddy. Not only can you feed as much relevant info to the AI as possible, personalizing your results, but you can also tweak the tables as you go along.
When To Avoid Using AI When Dealing With Your Money
Now to the juicy part of the discussion: When, exactly, is it wise to avoid using AI assistance, despite the push for immediate results or resolution? First up: Investment trades and there are two different risks involved. First is the hype surrounding AI in the investment sphere in the first place. With buzzwords like “algorithmic AI trading” drumming up some wild FOMO, it’s no surprise that the Commodity Futures Trading Commission has had to step up to warn would-be investors to watch their wallets carefully before buying in. If it sounds too good to be true, then it might be.
Next in line is the lure of getting the AI to handle complex tax files or questions. The IRS specifically warned taxpayers not to rely on artificial intelligence when it comes to calculations or information, particularly complex questions or cases. Despite the dread that often accompanies tax filing (really, does anyone enjoy doing their taxes?), this is one situation in which professional advice is strongly preferred.
Finally, keep your privacy cap on: In 2024, the Treasury Department made it very clear that while generative AI presented many opportunities for users, serious worries about data privacy, bias and the linking-in of third-party providers persisted. In plain English — don’t divulge anything to an AI agent that you wouldn’t feel comfortable discussing with a stranger and don’t offer up private, personal financial information that could compromise you if a leak or data theft were to occur.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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