53% of Americans Are Ready To Let AI Manage Their Money: 4 Tips To Do It Better
Written by
Chris Adam
Edited by
Zuri Anderson
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Many consumers tired of being dissatisfied with their savings are willing to get help from artificial intelligence.
According to new research from Cleo, more than half (53%) of respondents said they’d trust AI with decisions about disposable income. Further, about the same percentage (52%) are open to AI helping avoid overdrafts and nearly half (48%) would trust it to handle routine bills.
If you’re ready to give it a try, here are some tips for how to strategically use AI to better manage your money.
Use AI for More Than Just Tracking Your Spending
If you really want to make the most of AI for helping to manage your finances, look beyond just tracking where your dollars go.
“These numbers make sense because most people don’t need another tool that just tells them where their money already went,” said Taylor Kovar, certified financial planner (CFP) and co-founder of BudgetGPT. “They want help getting ahead of it. That’s where AI starts to feel useful.”
Use AI To Figure Out Your Spending and Saving Patterns
According to Kovar, with something like BudgetGPT, the value is that it automatically learns your spending habits and patterns, often better than you know yourself, and then personalizes guidance around how you actually live, not how a generic budget says you should live.
Use AI as a Real-Time Thinking Partner
“Asking questions, pressure-testing decisions and getting real-time feedback is something a spreadsheet will never be able to do,” Kovar added. “AI works best as a thinking partner that helps people slow down, spot blind spots and make more intentional choices.”
Use AI on Your Own Terms
Here’s a final tip: Don’t follow everyone else. You may find lots of AI tools being talked about on television, on the internet and on social media. When it comes to finding the right tools for managing your money, think carefully about how AI can best serve your individual financial needs.
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