Investing in artificial intelligence is becoming more popular, but what about investing in artificial intelligence? youAs technology goes mainstream, Americans are increasingly willing to let AI manage their personal finances, according to new poll results shared exclusively by Money.
personal finance company credit karma conducted an online survey in early July asking about 1,000 U.S. adults for their opinions on using AI to manage their money.
what the data says
Credit Karma data shows Americans are open to mixing AI and money. Four out of 10 investors who responded to the survey say they believe AI can be a useful tool in financial management.
This openness tends to increase for investors already using AI. Of the nearly one-quarter of respondents who have used AI before, 57% said they would use the technology for financial purposes if it would solve their money problems. doing.In fact, a third of this experienced population say they trust AI more Than humans manage finances.
Of course, the level of money management that people are willing to yield to AI will vary. At least a quarter of respondents say they use it to pay off debt, manage expenses and budgets, and plan for retirement.
But the most popular potential uses for this technology seem to be the more liberal ones. 4 in 10 say they use AI simply to answer financial questions, but 3 in 10 want to use technology to better understand their scope. Masu. Accounts and Investments.
its meaning
It may come as a surprise that there is so much optimism about AI, especially when it comes to letting investors make their own financial decisions. Not only is this a new concept to most people, but it is also scrutinized for being imprecise and impersonal. This goes against the longstanding focus on finding financial advisors who can provide personalized and professional advice.
After all, other polls show a sizeable percentage DisTrust AI in many other important decisions. The vast majority of people believe that humans are better than AI in every way, not just making laws, doing jobs, and choosing the right work clothes.
a investigation According to insurer Nationwide, this skepticism extends far beyond the financial world. About 35% of Americans say they do not believe AI will provide more valuable financial insights than human experts at all in the next five years.
Conclusion
Supriya Gupta, vice president of products at Credit Karma, theorizes that this welcoming attitude is simply that people are familiar with the technology behind AI.
“Anything that can change our daily lives can feel scary,” Gupta told Money. “But as we’ve seen with previous technological changes, technology makes our lives easier.”
Gupta goes on to say that generative AI technology, as a benefit in itself, is becoming increasingly accessible to investors. For years, AI was thought to be just a buzzword or a technology used only in labs. But with the advent of tools like ChatGPT and Bard, people are getting used to it in a different way than they used to, and perhaps more credibility is reflected in the polls.
“Applying this technology to more complex aspects of life, such as finance, which nearly everyone struggles with, makes the potential of generative AI even more meaningful for consumers,” she says. .
For investors who are still skeptical, more trust-building is still needed. Some who are less enthusiastic about using AI say they are looking to institutions they already trust (such as banks and personal finance apps) to build their own AI products.
Some people say they feel more secure with regulation. Nearly 4 in 10 say stronger rules and security are key to building trust. Although there have been no new federal regulations since the surge in popularity of AI bots, the White House issued the following statement: “AI Bill of Rights” It is intended to protect consumers from the misuse of technology.
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