Using AI to help plan your finances? Here's what ChatGPT gets wrong
This distinctive punctuation mark is apparently a favourite of the world's most popular AI chatbot. Its sudden appearance in everyday writing has sparked suspicions (and a rising feeling of awkwardness among those of us who do genuinely use it!).
Maybe all those heartfelt LinkedIn posts about what the death of a family parrot can teach us about leadership aren't quite what they seem…
Spotting more serious signs of chatbot influence isn't always so easy, especially when it comes to our finances. New research from Fidelity International suggests that 25% of Gen Z and millennials are using AI to learn about investing.
Yet ChatGPT may be getting up to one in three financial questions wrong. That's according to broker analysis site Investing In The Web, which asked 100 personal finance questions such as 'How do I save for my child's education?' and 'What are the pros and cons of investing in gold?'.
A panel of experts reviewed the responses and found 65% were accurate. But 29% were incomplete or misleading while 6% were flat-out wrong.
And it's not just ChatGPT. Many Google searches show an AI-generated 'overview' at the top of the results page. A study by financial services digital agency Indulge found a quarter of these summaries for common finance queries were inaccurate.
Ironically, Indulge used ChatGPT's latest model to fact-check each Google overview. Phase two of the study will involve human experts weighing in.
To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video
Paul Wood, the director overseeing this research, is not impressed. 'Anything less than 100 per cent accuracy is, in my view, a failure of the system,' he says.
So why is generative AI often wide of the mark? It depends entirely on the prompts it is given and the data it is trained on, both of which can be flawed or outdated. It rarely shows its workings or sources.
And, to put it bluntly, ChatGPT is designed to sound polished and plausible. Too often it resembles a smooth-talking chancer trying to blag their way through a job interview. To be fair, humans don't have a spotless record here, either. The Financial Ombudsman received 1,459 complaints about financial advisers last year and upheld 57% of those relating to misselling or suitability of advice, which made up the most complaints. That's a tiny proportion of the hundreds of thousands it receives about the wider financial industry, but still.
For most people, professional advice simply isn't accessible. According to a poll by asset-management giant Schroders, three quarters of advisers won't take on clients with less than £50,000 to invest. It's because advisers typically charge a percentage fee and smaller pots aren't worth their while.
Meanwhile, banks and pension providers can't offer straightforward guidance about your money because they're not regulated to give advice. So is it any wonder AI is stepping in?
The financial sector knows it has to catch up. The Financial Conduct Authority is changing the rules to allow more firms to offer 'targeted support', sometimes via AI. For example, it wants pension funds to be able warn a customer if they are drawing down money from their nest egg too quickly and investors to be told if cheaper funds are available.
A senior figure at a major financial firm recently told me about a customer who held their pension and bank account with it. When they tried to cash in their retirement pot, staff spotted regular gambling activity on their statements. Instead of waving it through, the firm urged the customer to seek help.
Some financial advisers are automating admin tasks to cut costs and serve more clients, including those with less money. Octopus Money blends AI-generated suggestions – via a proprietary algorithm – with human money-coaches. More Trending
Other tools, such as specialised chatbots, can analyse your finances and tell you where you're going right – or wrong. Take Cleo – it offers two tones: 'hype mode' praises your good behaviour while 'roast mode' gives you a playful telling-off and might say 'here are the companies that are bleeding you dry'.
Apparently, most of Cleo's seven million users prefer roast mode. Maybe we all know deep down that financial tough love can go a long way.
Which brings us back to ChatGPT, infamous for telling you your ideas are brilliant. To avoid its pitfalls, give it as much detail as possible in your prompt. Always ask for sources and remember that its answers may not be current or relevant to the UK. Check privacy settings if you're concerned about data being used to train future models.
And most importantly, don't treat its advice as gospel. Specialist financial AI could be a game-changer. But right now? I'm not sure I want the robot equivalent of Del Boy handling my investments – do you?
View More »
MORE: 'I tried Charlotte Tilbury's new Unreal Blush Stick – and it may just be my new make-up must have'
MORE: Silentnight unlocks the secret to sleeping soundly when camping this festival season
MORE: Jurassic World Rebirth leaves fans with clenched stomachs after 'genuinely tense' film debuts
Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
BBC News
an hour ago
- BBC News
How Trump's tariff chaos is reshaping Asia's businesses
Tan Yew Kong, who works at one of the world's largest chipmakers, says his company is like a tailor's shop - it customises chips to meet client's needs."We provide the fabric, we provide the cufflinks and everything. You tell us what you like, what design you like and we make it for you," says Mr Tan, who runs GlobalFoundries' operations in Singapore. Nowadays, the firm is also customising its future to accommodate US President Donald Trump's unpredictable tariff policy. Businesses and countries have been offering to appease Washington ahead of 9 July, when the 90-day pause on Trump's steep "Liberation Day" tariffs ends. And yet again, it's unclear what happens president said on Friday that the US government is to start sending out letters with details of higher tariff rates that will take effect on 1 August. He said as many as 12 letters will be sent out over the coming days and the levies will range from "60% or 70% tariffs to 10 to 20% tariffs" but did not name the countries due to receive far, semiconductors are exempt from tariffs but Trump has threatened levies on them several times, and that uncertainty is making it near impossible for businesses to plan for the future. Also last week Bloomberg reported the White House is planning to further tighten controls over artificial intelligence (AI) chips by restricting shipments to Malaysia and Thailand to crack down on suspected smuggling of the technology to US Commerce Department did not immediately respond to a BBC request for cannot "flip the switch every other alternate week or day. That makes it very difficult for businesses to plan long term", Mr Tan GlobalFoundries is contracted by some of the world's biggest semiconductor designers and manufacturers - AMD, Broadcom, Qualcomm - to make their chips. Its factories are spread across the world, with many in Asia, from India to South Korea. It recently announced plans to increase its investments to $16bn (£11.7bn) as demand for artificial intelligence (AI) hardware skyrockets. To protect that sprawling footprint, the company has also pledged to work with the Trump administration to move parts of its chip manufacturing and supply chain to US manufacturers, textile producers and car industry suppliers - whose tightly-knit supply chains run through Asia - are rushing to fulfil orders, cut costs and find new customers as they navigate a market in turmoil."Businesses need to rethink buffers, increasing their inventory and lead times to account for volatility," said Aparna Bharadwaj of Boston Consulting Group. She adds this could create new opportunities, but also impact their competitiveness and market share in certain countries. In other words, it's hard to say. "Uncertainty is the new normal." Winners and losers When Trump announced levies in April against much of the world, some of the steepest rates were aimed at Asian economies - from long-time allies Japan (24%) and South Korea (25%) to major trading partner Vietnam (46%). He then hit pause soon after, lowering tariffs on most countries to 10% for the next 90 days. Still the higher rates could return as early as Wednesday. Malaysia's prime minister has said tariffs will adversely affect many industries, including textiles, furniture, rubber and plastics. Singapore will be subject to a 10% levy despite having a free trade deal with the US - the prime minister said these are "not actions one does to a friend".South East Asian countries accounted for 7.2% of global GDP in 2024. So the extra costs that come with tariffs could have severe, long-lasting the region only Vietnam has managed to strike a deal so far - US imports from there will now face 20% tariffs, while US exports to Hanoi will face no levies. Japan and South Korea have been pursuing trade negotiations during the pause, although Trump has threatened Tokyo with an even higher rate - up to 35% - as the deadline looms. Japanese car makers could be amongst the worst hit. Companies including Mazda have said they are in survival mode because of the time and lengthy processes involved in changing suppliers and adapting their despite being a key security ally and importing more US goods than it exports, has said it has been telling Washington the rate on it "should be zero". Indonesia and Thailand have offered to buy more American products and reduce taxes on US countries like Cambodia, which have limited bargaining power, face a staggering 49% tariff but cannot afford to buy more US goods."Asian economies are reliant on both China and the US... they sort of sit at the heart of the global supply chain," said Pushan Dutt, professor of economics and political science at INSEAD. "If there are shifts in this global supply chain, if there are shifts in trading patterns, it is going to be much more difficult for them." He adds that countries with big domestic demand like India may be insulated from trade shocks, but economies that are more reliant on exports - like Singapore, Vietnam and even China - will see a major impact. A new world order? In the years after Trump was first elected, Singapore and Malaysia invested in growth industries like chip manufacturing and data was partly about so-called friend-shoring – where companies make goods in countries that have good relations with the US. Asian economies also benefited from a "China + 1" supply chain strategy, which involved firms diversifying supply chains beyond China and Taiwan to South East Asian of this was to be able to continue reaching the US, which Ms Bharadwaj says is "a critical market for many". "No matter what happens with tariffs, the US remains an important customer for many Asian businesses," she adds. "It's the largest world economy and has a dynamic consumer base." Beyond the South East Asian producers, Trump's tariffs also raise costs for American companies that have been operating in the region for decades. The clothing and footwear industry stands to suffer - brands like Nike have long outsourced manufacturing to countries like Vietnam and US brands have already said they'll need to pass costs onto customers because tariffs make the price of imported goods significantly say foreign investments could shift from Vietnam, Laos and Cambodia to countries with lower tariffs, like the Philippines, Singapore, Malaysia and may also look for new customers - with the European Union, the Middle East and Latin America emerging as alternative markets."We are no longer doing globalisation but more of a regionalisation," said Mr Tan of GlobalFoundries. "Find a place that we feel safe. We feel that the supply will be continued. And people will have to get used to the fact that it is not as cheap as it used to be."Just as Asia's trade alliances shift, the US has emerged as an increasingly unreliable partner. "This has actually created a massive opportunity for China to become, sort of, guardian of the world trading order," Prof Dutt US-Vietnam deal is only the third announced so far, after agreements with the UK and China. Until more happen, businesses and economies in Asia may have to forge a new path."As the US and others embrace increased protectionism, Asia is moving in the opposite direction, as pro-business governments are increasing trade openness," Ms Bharadwaj says."Tariffs are accelerating two macro trends: slowing of trade between China and the West, and accelerating trade between China... and emerging Asian countries." Trump's policies have created trade turmoil that could transform the global economic order, and the US may not necessarily come out as the Dutt sums up what is happening in the words of an old proverb: "Bow to the ruler, and then go your own way."
Daily Mail
2 hours ago
- Daily Mail
Report: Lululemon to replace hundreds of workers with AI
A major Nike rival will axe 150 workers — and it may replace them with AI. Lululemon, the Canada-based athleisure brand known for its buttery-soft leggings and sweat-wicking men's shirts and pants, confirmed that it is eliminating roles on its support center team. The affected employees handled customer service calls — including questions about online orders, return policies, and sizing options — as well as technical support for brick-and-mortar locations. 'As we continue to deliver on our strategy, we regularly assess our business operations to ensure we are well-positioned for the future,' a company spokesperson told 'Following a recent review, we have decided to evolve some aspects of our organizational structure to operate with more agility and further invest in our growth.' Independent retail analysts told CBC they believe the company will turn to AI to fill the gap. The company did not answer questions about its future AI policy. Lululemon's support center roles are exactly the kind of formulaic, repeatable tasks that advanced computers are designed to handle. Independent retail analysts don't believe the job cuts indicate any issues for the brand. Still, under the hood, there are concerns. 'They are now struggling to generate growth in their core North American market,' Neil Saunders, a retail expert at GlobalData, told 'With costs rising, including from tariffs, Lululemon is gently pruning roles to keep costs in check.' The layoffs also come as the company reassesses its tariff strategy. A majority of Lululemon's products are made in Vietnam, Thailand, and Indonesia — countries that could face sweeping reciprocal tariffs if President Donald Trump reinstates them. In June, the company's CFO, Meghan Frank, admitted that the brand would need to raise prices to offset the levies. 'We are planning to take strategic price increases,' Frank said during the company's last earnings call. 'It will be price increases on a small portion of our assortment, and they will be modest in nature.' Price hikes are expected in stores in the fall. Lululemon pulled in $2.4 billion in revenue during its last quarter, but a majority of the company's growth came from international markets. The company currently operates 465 stores in the US and 760 globally. Jobs jettisoned Some of America's biggest companies have announced sweeping job cuts this year. In May, Walmart — America's largest employer — announced it was cutting 1,500 jobs from its tech operations and e-commerce teams. Procter & Gamble, the owner of Tide detergent and Gillette shaving products, is also undergoing significant cuts. The company said it would eliminate 7,000 positions. Job losses have been even more pronounced in the tech sector, as firms increasingly replace human employees with hyper-intelligent machines. The AI-driven job bloodbath marks a major shift for American workers. For years, mass layoffs were concentrated in US manufacturing plants. Now, they're impacting college-educated, high-to-middle-class earners. Microsoft — one of the leading firms investing in AI — is expected to lay off thousands of employees next month as it shifts resources toward deeper investments. Intel, the flagging tech giant, is also letting go of 10 to 15 percent of its manufacturing staff. Amazon CEO Andy Jassy recently said the quiet part out loud : the technology will uproot thousands of Americans from their jobs. 'As we roll out more Generative AI and agents, it should change the way our work is done,' he wrote to his employees in a memo. 'It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce.' So far, the cuts haven't had a statistically significant impact on overall job numbers in the US. Last month, employers continued to add jobs. But job creation is starting to slow.
Geeky Gadgets
10 hours ago
- Geeky Gadgets
Create Your Own AI Employee in Just 5 Minutes (No Code)
Imagine having an employee who never sleeps, never takes a coffee break, and can handle repetitive tasks with flawless precision—all set up in just five minutes. It might sound like a scene from a sci-fi movie, but thanks to advancements in AI and automation platforms, this is no longer a distant dream. Tools like Zapier, Replit, and Cursor 1.2 are transforming how we approach work, making it possible to create an AI-powered 'employee' that can manage customer inquiries, streamline workflows, and even develop apps—all without requiring a degree in computer science. The question is no longer whether AI can integrate into your daily operations, but how quickly you can make it happen. And the answer? Faster than you might think. In this guide by Creator Magic, discover the surprisingly simple steps to build your own AI employee, using innovative tools that are as accessible as they are powerful. From automating customer interactions with Zapier to simplifying app development with Replit, you'll explore how these platforms are breaking down barriers to innovation. Along the way, you'll discover how AI can take over time-consuming tasks, allowing you to focus on what truly matters—whether that's scaling your business or reclaiming hours in your day. By the end, you'll not only understand how to set up your AI assistant but also gain insight into the broader implications of integrating AI into your workflow. After all, the future of work isn't just coming—it's already here, waiting for you to take the reins. AI Automation Made Simple How Zapier Automates AI Employee Tasks Zapier has transformed automation by allowing you to design workflows that handle tasks such as responding to YouTube comments or managing customer inquiries. With its latest updates, you can set up an AI 'employee' capable of monitoring comments, identifying specific keywords, performing web searches, and generating thoughtful replies. This capability ensures consistent engagement with your audience while saving time and effort. Here's how you can set up a workflow using Zapier: Define a YouTube trigger to detect relevant comments or interactions. Use AI orchestration to gather information or craft personalized responses. Integrate APIs to execute the workflow seamlessly and efficiently. For example, you can configure the AI to answer frequently asked questions, provide humorous replies, or direct users to helpful resources. This automation allows you to maintain 24/7 responsiveness, freeing you to focus on higher-priority tasks without compromising on audience engagement. Replit: Simplifying Mobile App Development Replit has made mobile app development accessible to everyone, regardless of their technical background. Its AI-powered templates and assistants enable you to build functional apps quickly and efficiently. For instance, you can create a Tide Times app by selecting a pre-designed template, integrating APIs for real-time data, and refining the design using natural language prompts. The platform's AI assistant simplifies the development process by automating repetitive coding tasks and offering suggestions to enhance functionality. Whether you are a beginner or an experienced developer, Replit accelerates the development cycle, allowing you to bring your ideas to life with minimal effort. By reducing the complexity of app creation, Replit enables you to focus on innovation and user experience. Build an AI Employee in 5 Minutes Watch this video on YouTube. Uncover more insights about AI automation in previous articles we have written. Cursor 1.2: Enhancing AI Coding Efficiency Cursor 1.2 introduces features designed to optimize coding workflows and minimize errors. A built-in to-do list helps you organize tasks, making sure that no step is overlooked during the development process. Additionally, enhanced mobile and web capabilities allow you to code from virtually anywhere, making it easier to stay productive on the go. These updates highlight how AI tools are becoming increasingly user-friendly, catering to both professional developers and non-coders. By simplifying complex tasks, Cursor 1.2 enables you to focus on creativity and problem-solving rather than technical details. This tool exemplifies how AI-driven platforms are reshaping the way coding and development are approached, making them more efficient and accessible. How AI Tools Are Transforming Accessibility AI tools are rapidly evolving, making automation and development more accessible than ever before. Natural language processing (NLP) allows you to interact with these tools conversationally, significantly reducing the learning curve for non-technical users. For example, you can describe your desired outcome, and the AI will generate the necessary code or workflow to achieve it. This widespread access of technology enables individuals and businesses to build AI-driven systems without requiring prior technical expertise. Whether it's automating customer interactions, managing administrative tasks, or developing applications, AI tools are reshaping how problems are solved. By lowering barriers to entry, these tools enable a broader audience to harness the power of AI for innovation and efficiency. Future Implications of AI in Workflows The potential of AI to transform workflows is immense. By automating repetitive or time-consuming tasks, AI systems free up your time for strategic decision-making and creative problem-solving. This capability is particularly valuable for businesses looking to scale operations without increasing overhead costs. As AI tools continue to advance, they will become even more integral to both personal and professional workflows. Embracing these technologies now can help you stay ahead of the curve, unlocking new opportunities for growth and efficiency. By integrating AI into your daily operations, you can position yourself or your business to thrive in an increasingly automated world. Media Credit: Creator Magic Filed Under: AI, Guides Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
