Americans Have Embraced Generative AI for Personal Finances, Reveals Study
According to a recent study conducted by Qualtrics on behalf of Intuit Credit Karma, more and more Americans are turning to generative artificial intelligence (AI) tools to manage their personal finances. The study found that 40% of respondents believe generative AI could be beneficial for their personal finances, while 27% think it can help with food and nutrition, 27% with health, and 21% with workplace productivity.
Supriya Gupta, Vice President of Product at Credit Karma, stated that generative AI enables individuals to access financial assistance that would otherwise be costly and inaccessible. Many Americans require help in managing their finances and addressing unanswered questions, particularly those who handle their money on a day-to-day basis and cannot afford expensive financial planners.
The study also revealed that 38% of respondents had unresolved queries about managing their finances, and 43% would be willing to use generative AI to solve their money-related problems. This percentage rose to 57% for those who had previous experience with generative AI tools. Gupta pointed out that around one-third of Americans who have utilized generative AI would trust it more than humans to handle their finances.
Gupta suggested that this trust could be attributed to users’ familiarity with AI tools and their understanding of the potential power of the technology. The study demonstrated that American consumers are seeking AI-based solutions to achieve various financial goals, including debt reduction, budgeting, expense management, retirement planning, and savings optimization.
One of the main advantages highlighted by consumers was the ability to access AI-informed financial advice around the clock. Approximately 44% of respondents appreciated the opportunity to have their questions answered at any time, while 30% wanted instant visibility of their overall financial position across multiple accounts and investment types.
While consumers expressed interest in using AI tools, the survey did identify some concerns. Around 27% of respondents felt that the lack of personalization was a drawback, while 26% were worried about inconsistent quality and 23% found redundancy to be an issue.
When it comes to establishing trust with AI providers, consumers indicated a preference for institutions they already engage with, such as banks (30%), tech companies (21%), and personal finance apps (20%), to offer AI-powered financial management tools. Additionally, security, privacy, and data credibility were critical factors for consumers, with 37% emphasizing the importance of regulation and secure data protection, 35% prioritizing credible and accurate information, and 26% seeking personalized advice based on their individual financial circumstances.
The findings of this study indicate a growing acceptance of generative AI among Americans as a valuable tool for managing personal finances. The round-the-clock availability of financial advice and the potential for cost savings are driving individuals to embrace AI-based solutions. While concerns about personalization and quality exist, the overall trend suggests that generative AI has the potential to revolutionize the way Americans manage their money.
Disclosure: The study was conducted by Qualtrics on behalf of Intuit Credit Karma.
