Gen Z Is Relying on AI To Make Financial Decisions
Key Takeaways
- A majority of Generation Z respondents said in a new BMO Financial survey that they used artificial intelligence to manage their finances and investments.
- Americans told BMO they use AI to learn about personal finance, create budgets, build savings, and more.
- Gen Z respondents said they believed AI could help them make more-informed financial decisions.
Artificial intelligence (AI) can be used to do everything from write poetry to solve coding problems. Generation Z is using it to manage their money.
Sixty-one percent of that generation, typically born between 1997 and 2012, uses AI to manage their finances and investments, according to a new BMO Financial survey, more than any other generation.
Of the 37% of respondents who reported using AI to manage their finances, nearly half (49%) said they used it to learn more about personal finance, create and update household budgets (48%), identify new investment strategies (47%), build savings (47%), and create or update their financial plans (46%).
AI tools can be susceptible to errors, so any guidance they offer should be considered carefully. Still, 58% of Gen Z respondents said it could help people make more informed financial decisions, while 55% were confident that AI tools could help people make financial progress.
According to the survey, in the last six months, 22% of Gen Z said they needed to make a large purchase, 18% went to college, 15% switched jobs, and 13% started a business.
BMO’s latest Real Financial Progress Index survey was conducted in the U.S. from May 31 to June 21 among more than 2,500 adults ages 18 and older.
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