Abstract
This study examines the capability of ChatGPT to provide financial advice based on personal finance cases. We first write our own cases and feed them to ChatGPT to get its advice (recommendations) on them. Next, we assess the quality and the validity of ChatGPT’s recommendations on these cases. We find that ChatGPT serves as a suitable starting point, but its recommendations tend to be generic, and they often overlook alternative solutions and viewpoints and priority of recommendations. Overall, our analysis demonstrates the strengths and weaknesses of using ChatGPT in personal finance matters. Further, it serves as a helpful guide to financial advisors, households, and instructors of personal finance who are already using or considering using ChatGPT and want to develop a suitable understanding of the benefits and limitations of this new technology in addressing their professional and personal needs.
| Original language | English (US) |
|---|---|
| Article number | 241 |
| Journal | Journal of Risk and Financial Management |
| Volume | 17 |
| Issue number | 6 |
| DOIs | |
| State | Published - Jun 2024 |
Keywords
- artificial intelligence (AI)
- ChatGPT
- finance pedagogy
- financial advisors
- financial planning
- machine learning
- personal finance
ASJC Scopus subject areas
- Accounting
- Business, Management and Accounting (miscellaneous)
- Finance
- Economics and Econometrics