No longer do younger Americans turn to mom or dad to help set up their 401(k), understand their paycheck, or get investment advice—that’s because AI has become their new financial friend.
While AI has taken on roles ranging from break-up coach to health expert, tools like Open AI’s ChatGPT and Google’s Gemini are now guiding younger generations to tackle their financial woes, from credit card debt to picking their latest stocks and ETFs.
But here’s the catch: it’s far from foolproof. Over half of respondents who used AI for financial advice made a “poor financial decision or mistake” based on what it prompted them to do.
Unsurprisingly, those at pivotal points in their financial literacy journey are the most frequent users of AI, with around 82% of Gen Z and millennial AI users turning to it the most for money guidance.
They’ve turned to AI for financial guidance on a wide spectrum of topics, from basic personal finance and financial education to more complex matters like tax filing and investing. The most common areas of interest among AI users include goal setting and action plans (35%), budgeting and expense management (34%), optimizing savings (33%), and stock market investing (32%).
It’s also saving them the embarrassment of not knowing all the financial jargon. Three in four of those who used AI say that it allows them to ask the financial questions they’re too embarrassed to ask others.
Using AI for budgeting and investment plans may even be a modest use of the tool. Some are taking it much further, asking ChatGPT how to become a millionaire.
On TikTok, a creator even dubbed it “the 90-day millionaire challenge,” guiding her viewers to use the advice ChatGPT generated for her as a pathway to financial freedom.
I asked ChatGPT how to become a millionaire in 90 days. It gave me the blueprint and now I’m giving it to YOU. This is the 90-Day Millionaire Challenge. Not motivation. Not fluff. But real strategy, step by step, day-by-day. Every day, I’ll post a video showing you how to: • Build your million dollar product, brand, or business • Make daily income, producing moves • Shift your mindset, message, and money • Turn purpose into profit, God’s way You don’t need more time. You need a decision. Comment “I’m in” if you’re ready. Follow me so you don’t miss a single day. Tag a friend who needs to get in on this. We’re not just watching—we’re building. #90DayMillionaireChallenge #FaithAndFinance #PurposeToProfit #DigitalWealth #MillionaireMindset #kingdombuildersmovement #KingdomWealth #Prayer #FinancialFreedom #christiantiktok #christiancommunity #christian #spiritualtiktok #preachersoftiktok
“Becoming a millionaire on a $60,000 salary is absolutely possible, but it requires discipline, time, and smart financial decisions,” responded ChatGPT. The report broke down how you can “realistically” build a millionaire life, with steps including maximizing savings, growing your income, and more.
Though using AI for an array of life coaches is becoming increasingly popular, 51% of Americans are still worried about security and privacy leaks when using AI, according to the Intuit Credit Karma survey. That’s why over half of respondents are seeking out financial advice and information online, and over a quarter consider social media a solid source, followed by search engines and then lastly, AI.
