As the usage of artificial intelligence (AI) develops across all sectors, its expansion into personal finance is growing popular amongst Americans.
A new survey by BMO Financial Group finds that more Americans, and particularly Gen Z investors, are using AI to manage their finances and investments. Sixty-one percent of the youngest working cohort have used AI for help towards their personal finances, while 37% of the general population have worked with the technology on their finances.
Furthermore, 58% of Gen Z believe AI can help people make more informed financial decisions and 55% are confident AI tools can help them make real financial progress.
Among those who use AI, the most common use was learning more about personal finance topics (49%), creating and/or updating household budgets (48%), identifying new investment strategies (47%), building savings (37%), and creating and/or updating their financial plans (46%).
Respondents particularly credited the technology for its accessibility—53% believe AI can help people make better informed financial decisions, and 52% say it makes financial planning more accessible to everyone.
Among those who do not use AI for financial planning, more say they are considering using it to learn more about personal finance topics (32%), increase their savings (31%), find new investment strategies (29%), create or update their household budgets (29%), financial plans (27%), and/or for retirement planning (27%).
While the technology can assist in more administrative tasks, both respondents and BMO note its lack of emotional support when providing financial assistance. Sixty-four percent of respondents say AI cannot understand how emotions influence financial planning.
“AI offers great potential in the way we handle our finances, providing real-time insights and analysis. However, managing money is more than analytics; it is a deeply personal relationship shaped by emotions, experiences, and unique life circumstances,” said Paul Dilda, head of U.S. Consumer Strategy at BMO. “While AI handles technical aspects and routine tasks, a professional advisor brings a human touch, offering personalized guidance and understanding. Together, they create a holistic approach to financial management, ensuring more Americans stay on track towards their goals and make real financial progress.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
