The Top 3 Money Questions Americans Ask AI — And Whether To Trust the Answers
Americans are increasingly turning to AI for help with money questions, but most are still hesitant to trust the answers.
A recent New York Life survey found that while 45% trust AI “somewhat” or more for financial purposes, only 24% would feel comfortable with its financial advice. Even among those who receive AI advice, most seek additional validation before acting on it.The survey also identified the financial topics Americans are most likely to ask AI about. Here's where consumers are turning to AI for answers and what experts say about relying on its guidance.
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1. Budgeting and Saving: AI's Most Common Money Use Case
Among Americans who use AI to answer financial questions, the most common topic is budgeting and saving (42%).
"AI can be good at the mechanical parts of budgeting, like sorting expenses into categories, running the math and explaining common terms in plain language," said Sean Madgett, vice president at New York Life. "For someone who's never built a budget before, it’s a helpful place to start."
However, AI may not be able to provide the personalized guidance needed for a comprehensive financial plan. For many people, budgeting involves balancing competing priorities such as everyday expenses, savings goals, debt, unexpected costs and long-term planning.
"A budget built without that full context is just a template, and it may miss the trade-offs that matter most in someone’s financial life," Madgett said.
2. Investing Basics: Where AI Can Help and Where It Falls Short
Nearly 4 in 10 Americans (39%) who use AI to answer financial questions ask it about investing basics.
"Turning to an AI tool to explain financial jargon or common topics is a low-stakes way to build familiarity," Madgett said.
He said that this is a good starting point for learning about investing, but it should not be the only tool you use.
"AI can give an answer that sounds highly confident and personalized without having all the information needed to make a sound financial decision," Madgett said. "Investment decisions depend on someone’s goals, risk tolerance, time horizon, tax situation and how a particular investment fits into their broader financial plan. AI can also produce information that is inaccurate or outdated, so it’s important to validate the information."
AI can best be used to help you familiarize yourself with investing basics before talking with a professional.
"It lowers the barrier to asking questions in a conversation with a human financial professional," Madgett said. "At New York Life, we’re seeing that more frequently with clients, and it often leads to deeper conversations with a financial professional about goals, how to achieve them and where someone may be feeling stuck."
3. Financial Education: Using AI To Learn About Money
About a third of Americans (31%) who ask AI financial questions use these tools to get a general financial education.
"Our research also found that 44% of Americans now use AI tools at least weekly," Madgett said. "That frequency can turn financial curiosity into financial literacy and lead to a more informed consumer."
While AI can be helpful for learning about finances, you should always verify its answers with another source — and many Americans are already doing this.
"Among those who used AI for financial guidance, 54% ran their own internet search to check it, 31% asked a friend or family member, and 29% checked a second AI tool," Madgett said. "AI is a strong starting point for learning, but 3 in 4 Americans (75%) still say it's important for a human to be involved in their most important financial decisions."
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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