Artificial Intelligence (AI) is revolutionizing the way Americans learn, work, and communicate, and investment management is no exception. According to a survey by BMO Financial Group, more than a third of Americans (37%) use this new technology to manage their finances.
Among the 37% of Americans using AI to help manage their finances, the most common uses include learning more about personal finance topics (49%), creating and/or updating household budgets (48%), identifying new investment strategies (47%), accumulating savings (47%), and creating and/or updating their financial plans (46%).
However, 64% state that AI cannot understand how emotions influence financial planning, the statement explains.
“AI offers great potential in how we manage our finances, providing real-time insights and analysis. However, money management is more than analytical; it is a deeply personal relationship shaped by emotions, experiences, and unique life circumstances,” said Paul Dilda, Head, U.S. Consumer Strategy, BMO.
The survey highlights how AI continues to change the way Americans learn, work, and communicate. For example, 59% use AI to ask questions about topics of interest, and 40% use the technology for data analysis.
Additionally, more than half believe that AI can help people make more informed financial decisions (53%) and make financial planning more accessible for everyone (52%).
On the other hand, 39% use AI to draft business, travel, exercise, and meal plans and/or manage their schedules and content creation, with more than 40% of Americans using the technology.
Optimistic Perspectives
Among Americans who do not use AI for their finances, nearly a third are considering using the technology to learn more about personal finance topics (32%), increase their savings (31%), find new investment strategies (29%), create and/or update their household budgets (29%) and financial plans (27%), and/or for retirement planning (27%).
As Generation Z begins to navigate life changes, the majority leverage AI to plan upcoming financial milestones more than any other generation. Therefore, they are the most likely to use AI to ask questions about topics of interest (82%), draft written content (75%), create business, travel, exercise, and/or meal plans (67%), and manage their finances and investments (61%).
In the past six months, 22% of Generation Z needed to make a major purchase, such as a car or a house, 18% attended college or graduate school, 15% changed jobs, and 13% started a business. However, 85% of Generation Z say that concern about their overall financial situation is the main source of financial anxiety, followed by fear of unknown expenses (80%), housing costs (79%), and keeping up with monthly bills (76%).
58% of Generation Z believe that AI can help people make more informed financial decisions, and 55% trust that AI tools can help them make real financial progress.
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