Americans Turn To AI For Money Help, With Pitfalls

Nearly two-thirds of U.S. adults who've tried generative AI say they've asked it for financial help, and most told Intuit Credit Karma it made their situation better, the New York Times reported.

But it hasn't been smooth sailing. More than half admitted they made a mistake after following chatbot advice. Young people are driving the trend: more than 80% of Gen Z and millennials said they've turned to ChatGPT or Google's Gemini for budgeting, saving, or investing ideas.

For some, the tools have been a quick fix. Myra Donohue, 28, said ChatGPT helped her build a budget when her family was drowning in debt. Delaware realtor Jennifer Allan went viral on TikTok by turning AI prompts into a 30-day challenge donating plasma, digging up unclaimed funds, even selling a watermelon with her debt total written on it and slashed her credit card balance nearly in half.

Others found the limits fast. Alexander Stuart tried using a bot to trade stocks, but ended up losing money when it gave him outdated data. Advisers warn that while AI can be a confidence boost, it's no replacement for real financial guidance.