New York Residents Are Wary of Using AI for Money Advice

Artificial intelligence can answer questions about almost anything, including money. But a new survey shows that many Americans, including New Yorkers, are not ready to trust AI with major financial decisions.

New York Life’s Wealth Watch survey found that less than 25 percent of U.S. adults feel comfortable using AI for financial advice. The survey did not break out answers by state, but the findings may sound familiar to New Yorkers trying to make smart choices about saving, debt, or retirement.

Most People Still Want a Second Opinion

People may ask AI a money question, but many do not take its answer as final. New York Life found that only 23 percent of people who got financial guidance from AI acted on it without checking with another source first. A separate Gallup poll found that only 3 percent of U.S. adults trust AI for financial guidance.

A Stanford Graduate School of Business study found that AI financial advice depends heavily on the questions people ask. People with less financial knowledge may not know what details to include, which can lead to less helpful answers.

Check Important Advice Carefully

For New Yorkers making major decisions about investing, retirement, taxes, insurance, or debt, it makes sense to check information with a source you trust. That includes a financial professional, a bank or credit union, or the company connected to your retirement plan. AI can help but it should not be the only thing guiding your important money decisions.