Ted Jenkin
For this edition of On the Money, sponsored by Credit Karma, money expert, certified financial planner and president of Exit Wealth Advisors Ted Jenkin stopped by TODAY to share tips on how to use (and not use) AI for your finances.
Artificial Intelligence (AI) is everywhere right now. People are using it for everything from planning trips, to writing emails, to seeking health advice. So it’s no surprise that Americans are now turning to AI for help with their personal finances. When it comes to your money, there’s one important question: Is AI helping you make smarter financial decisions or quietly costing you money? The reality is both can be true.
According to a recent MIT study, nearly half of respondents have turned to AI for financial advice or information. And among Americans already familiar with generative AI, that number climbs. In fact, 66% of those surveyed by our sponsor Credit Karma say they use it specifically to seek out financial advice. While AI can be a helpful tool to guide your personal financial decisions, it’s also important to understand the potential dangers.
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When used correctly, AI can be a great financial assistant. It can help save time, improve organization and increase financial confidence but it should be used as a study buddy, not a decision maker.
While AI can be a helpful tool, it can also get you into financial trouble and it can cost you — literally. This is where consumers need to slow down and verify what they’re hearing.
When it comes down to it, AI can be a great tool and financial assistant, but it should not become your financial decision maker.
Ted Jenkin is a money expert, certified financial planner and president of Exit Wealth Advisors.
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