A new study finds that while generative AI tools can be a good starting point for financial information, consumers should be wary of taking the responses at face value.
A study examining how generative artificial intelligence tools provide financial recommendations found that while the platforms generally adhere to conventional financial wisdom, their advice to consumers can vary significantly.
The findings, published in the June 2026 issue of the Journal of Financial Planning, indicate that popular AI tools offer varying degrees of accuracy and consistency when presented with identical financial scenarios. Researchers assessed the responses of seven generative AI tools, including ChatGPT, Claude, Gemini and Perplexity.
While the tools generally provided consistent advice about retirement questions, they produced inconsistent recommendations on emergency savings and portfolio guidance. They also showed signs of bias, changing their responses depending on how the consumer’s race or gender was described in the prompt.
In addition to this bias, consumers should also be wary of hallucinations and incorrect information from AI tools. The study noted that “GenAI systems are not inherently bound by fiduciary or regulatory standards, further contributing to variability and potential inequities in financial guidance.”
This makes it risky for consumers to rely solely on automated platforms for budgeting, debt management, or investment strategies.
The researchers concluded that while generative AI can serve as a starting point for consumers looking to understand basic financial concepts, it “should complement, not replace, professional financial advice.”
Researchers urge financial planners to “caution their clients that GenAI-driven responses may sound confident but can still be incomplete, misleading, or incorrect.”
According to TD Bank’s second annual U.S. AI Insights Report, 18% of consumers say they would trust AI to make financial recommendations on its own.
Source:https://www.acainternational.org/news/the-pros-and-cons-of-getting-financial-advice-from-ai/
