AI Chatbots Tested for Personal Finance Advice Accuracy
UKPulse Consumer Desk
Which? has investigated the accuracy of five popular AI chatbots when answering common personal finance questions, finding that 37% of AI users engage with it for investment advice.
- Which? tested five AI chatbots: ChatGPT, Google Gemini, Google AI Overviews, Microsoft Copilot, and Perplexity.
- The investigation involved asking 15 common personal finance questions covering topics like pensions, debt, and investing.
- Research from Lloyds Bank indicates that 37% of people using AI engage with it for investment research and recommendations.
Which? has conducted an investigation into the reliability of AI chatbots for personal finance advice. Senior data journalist Josh Wilson tested five popular AI tools: ChatGPT, Google Gemini, Google AI Overviews, Microsoft Copilot, and Perplexity.
The chatbots were asked 15 common personal finance questions, chosen based on search trends, covering areas such as pensions, debt, investing, saving, insurance, equity release, tax, and mortgages. Which? money experts then rated and reviewed each response.
The investigation was prompted by the increasing use of AI in daily life, with approximately half of Which? members reporting AI usage. Furthermore, Lloyds Bank research found that 37% of AI users engage with the technology specifically for investment and personal finance advice.
Why this matters: A significant number of people are using AI for personal finance questions, making it important to assess the accuracy and potential risks of relying on these tools.
What this means for you: If you use AI for financial advice, Which? advises caution and provides guidance on how to get the most out of chatbots while warning about the risks of relying on them.