From generating music and art to translating text, answering questions and solving problems, AI (artificial intelligence) tools such as Google Bard, OpenAI's ChatGPT and Midjourney are starting to become a valuable part of our lives.
AI is even shaping the financial planning landscape, with an increasing number of platforms helping users analyse their spending habits in real time, create budgets, minimise investment risk, and make better financial decisions.
While it is unclear what percentage of Singaporeans use or have an interest in using AI for financial advice and assistance, an August survey by CNBC found that 37 per cent of US adults are interested in using AI tools to help them manage their money. The survey also found that 11 per cent are "very interested", and 4 per cent already use AI tools for money management.
Whether AI tools end up replacing financial advisers remains to be seen, but because such services are free, often from reputable companies, and instantly accessible, they can be a good place to start if you need to get your finances in order, says Karen Tang, certified financial planner and senior wealth management consultant.
But such tools are only as good as the sources from which the advice or information was obtained, she adds.
"AI answers therefore can't always be taken as gospel. They need to be verified by someone competent before they can be trusted.
"Their answers also depend on the specificity and detail of the questions asked. How well you're able to articulate the nuances of your preferred goal-achievement strategy is key."
Additionally, Karen cautions about the general and simplistic nature of AI-generated answers. You may have unique questions or concerns for which AI tools simply cannot address accurately or reliably.
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