The article discusses the limitations and potential risks of relying on AI for personal financial advice. Financial experts warn against using AI chatbots for complex financial decisions, highlighting several key areas where AI’s advice could be problematic. The main concerns include AI’s inability to provide personalized investment strategies, lack of understanding of individual risk tolerance, and potential for outdated or incorrect financial information. Experts specifically caution against asking AI about retirement planning, tax strategies, estate planning, and complex investment decisions. They emphasize that while AI can provide general financial information and basic calculations, it shouldn’t replace human financial advisors who can consider personal circumstances, emotional factors, and long-term goals. The article points out that AI models may not be trained on the most current financial regulations and market conditions, potentially leading to misleading or incorrect advice. Additionally, AI cannot provide the nuanced understanding required for individual financial situations, family dynamics, or specific market conditions. The experts recommend using AI as a supplementary tool for basic financial education and simple calculations while relying on qualified financial professionals for important financial decisions and personalized advice. They stress the importance of human judgment, experience, and emotional intelligence in financial planning that AI currently cannot replicate.
Source: https://www.businessinsider.com/money-questions-experts-say-shouldnt-ask-ai-2025-5