More Americans are turning to artificial intelligence to manage their finances. But the tech shouldn’t be the only tool you rely on to deal with money matters, according to CBS News business analyst Jill Schlesinger.
“I think AI can be great for general education. How do I read my pay stub? What’s the difference between a Roth and a traditional IRA?” she told CBS Mornings co-host Nate Burleson. “But when you’re making a big decision, it’s kind of scary to rely on AI, which can hallucinate.”
Schlesinger said Americans should also be careful when it comes to relying on financial influencers, or finfluencers, who offer advice and financial education on social media platforms.
“These folks are usually trying to sell you something,” she said. “They’re often not credentialed.”
Two-thirds of Americans use AI for financial advice
Exercising a degree of caution when using AI for financial advice is important, especially as more people lean on the technology to manage everything from their savings to their investments, experts say.
A September report from Credit Karma found that 66% of Americans have used generative AI for financial advice. Younger generations are even more likely to rely on the tech, with 82% of Gen Z and 82% of millennials reporting they’ve used AI for financial guidance.
Credit Karma said that the most common uses for AI are basic financial education and financial goal setting. Americans are also asking AI how to save for retirement and invest in the stock market.
Using AI responsibly
When it comes to using AI responsibly, Schlesinger advises Americans not to overshare, given potential privacy risks.
AI chatbots can sometimes keep information you share in a chat in their systems indefinitely and use it to train their models, according to a 2025 study from Stanford University.
“Read those privacy policies,” Schlesinger said.
The CBS News analyst also encouraged people to turn to other sources outside of AI if they want to start making investments or get on track for retirement. Money management apps like Monarch and Honeydue can help, as well as more old-school methods.
“I always like to remind folks, if you just want to actually invest, use your company-based retirement plan,” she said. “That is, by far, the best way in.”
Schlesinger said large investment firms can offer guidance when it comes to buying index funds or exchange-traded funds. Calling up a trusted relative can also be a good course of action, she said.
“You need a third party who’s unbiased to help you out,” she said. “Please don’t rely solely on technology. Use it for education.”
