A quarter of Americans have turned to AI chatbots for financial advice, according to a new NerdWallet survey - but the experts who study those tools say the answers deserve scrutiny before anyone acts on them.
Sara Rathner, a credit cards expert at NerdWallet, said the appeal is obvious. "When you use an AI chatbot, it really feels like a conversational search engine." It's free, non-judgmental, and available at any hour.
The risk is real. The survey found 1 in 10 Americans who asked a chatbot a personal finance question received inaccurate information. "You're asking questions. It's giving you advice. You're not necessarily vetting the sources that it's pulling from, and so you might take an action that would harm you financially instead of help you," Rathner said.
Where AI can help
Rathner said chatbots work well for simple, math-based tasks: building a household budget, comparing credit cards, or running calculations. "If you have a high yield savings account that earns 3% APY and you put a certain amount of money into that every month, how much money will you have after three years? Those sorts of questions are pretty simple."
For finance teams weighing where these tools fit, a focused guide on AI for Finance can help separate useful applications from risky ones.
What not to share
Rathner also warned against giving chatbots sensitive data - Social Security numbers, bank account details, tax documents, or passwords - because the tools don't have the same security protocols as financial institutions. "Any information you give it is information you're putting out there. And if you don't feel comfortable doing that, then it's not necessarily a good solution for you."
Get a second opinion
Before any major financial decision, Rathner said to treat the chatbot as one input, not the final word. "Their answers could be one thing you keep in mind as you make a decision, but it doesn't have to be the only thing you keep in mind."
Why this matters for finance professionals
The survey suggests clients are already bringing AI-generated plans to the table. Finance professionals who can spot a chatbot's blind spots - outdated data, missing context, or a confident wrong answer - add value precisely where the tools fall short. That means reviewing AI output as a routine part of client work, not an exception.
Those looking to build these skills can work through an AI Learning Path for Finance Managers, which covers the practical side of using these tools responsibly.
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