Key Takeaways
A new survey from BMO Financial found that the majority of Gen Z respondents say they are using artificial intelligence to manage their finances and investments. Americans told BMO they are using AI to learn about personal finances, create budgets and increase savings. Gen Z respondents said they believe AI will help them make more informed financial decisions.
Artificial intelligence (AI) can be used for everything from writing poetry to solving coding problems. Gen Z is using AI to manage their money.
A new survey from BMO Financial found that 61% of this generation, primarily born between 1997 and 2012, are using AI to manage their finances and investments, more than any other generation.
Of the 37% who say they use AI to manage their finances, nearly half (49%) say they are using it to learn more about personal finances, create and update a household budget (48%), identify new investment strategies (47%), increase savings (47%), and create or update a financial plan (46%).
AI tools are susceptible to error, so any guidance they provide should be considered carefully. Still, 58% of Gen Z respondents say AI tools can help people make more informed financial decisions, and 55% are confident that AI tools can help people get ahead financially.
According to the survey, in the past six months, 22% of Gen Zers said they had to make a major purchase, 18% went to college, 15% changed jobs, and 13% started their own business.
BMO’s latest Real Financial Progress Index survey was conducted May 31-June 21 among more than 2,500 U.S. adults ages 18 and older.
