Can AI fix your finances? – First Alert 4

ST. LOUIS, Mo. (First Alert 4) – ChatGPT says 200 million people use the AI agent every month for advice on managing money or debt. Now the platform has launched a personal finance tool where users can link their financial accounts for personalized advice.
We asked the free version of ChatGPT to show us a plan to cut expenses for a $63,000 annual salary, and pay off $7400 in credit card debt. It gave us four payoff plans, a budget, and tips to cut costs, such as dining out, subscriptions, and insurance.
ChatGPT has launched a personal finance tool for paid subscribers. Users can link their financial accounts to get plans specific to their finances to cut expenses, automate savings, and reach goals.
Thomas Nitzsche, with the non-profit credit counseling agency Money Management International, says the ChatGPT tool increased referrals to MMI for people wanting help with debt by 470%.
“If they say something like I’m really struggling with credit cards, my rates are really high, I’m starting to fall behind, things ChatGPT knows we can help with, it will refer people to us,” explained Nitzsche.
So does AI offer good money advice?
“I think, in general, it does ask really intelligent follow-up questions to learn more about your situation. And, in general, it seems to be giving good advice,” said Nitzsche.
But as artificial intelligence has been known to make some mistakes, OpenAI says ChatGPT can help users stay informed, but is not a replacement for financial advice.
The ChatGPT tool is available to Plus or Pro users, which cost $20 to $200 a month.
There are other budgeting apps like Rocket Money and You Need a Budget, which range from free to $15 a month.
The ChatGPT tool allows users to link their financial accounts through Plaid, a fintech used to securely connect accounts.
Some consumer advocates caution that linking financial accounts to any platform could leave you vulnerable to cyberattacks. You can ask AI agents for general money management advice without providing personal information.
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