More Americans are using artificial intelligence (AI) to manage their finances, but CBS News business analyst Jill Schlesinger warns against relying solely on AI for important financial decisions. While AI can be helpful for basic financial education, such as understanding pay stubs or the differences between IRAs, it can sometimes provide inaccurate information. A report from Credit Karma shows that 66% of Americans, especially Gen Z and millennials, use AI for financial advice. Schlesinger advises caution due to privacy risks and suggests using other resources like money management apps, company retirement plans, and advice from unbiased third parties. She emphasizes the importance of not oversharing personal information with AI and reading privacy policies carefully.
QUESTION: How might the increasing reliance on AI for financial advice impact the way future generations approach money management?
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