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.
Bu hikaye Her World Singapore dergisinin December 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Her World Singapore dergisinin December 2023 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
What Are Some Watches That Double As Pieces Of Art?
The Bvlgari Fenice High Jewellery watch is a spell-binding expression of the Italian jeweller's audacious aesthetic.
Getting To The Seoul Of K-Beauty
The days of complex 10-step skincare routines may be behind us, but K-beauty's skin-first approach continues to dominate markets worldwide. Here's a closer look at the phenomenon.
My Super Power Is Saying No
It's 2009, and some 1.67 million Singaporeans are tuning into the two-hour finale of the hit Chinese language series The Little Nyonya, transfixed by the multi-generational saga of three Peranakan families.
New York State Of Mind
Inspired by the Big Apple, Coach's new Times Square Tabby is an amalgamation of the city's love stories, both old and new.
Building Safer Workplaces
As an increasing number of workplaces are understanding the importance of mental health, we ask three leaders what it will take to move the needle to create environments where we can speak up, challenge the status quo, and have our needs met.
What Beauty Routine Should You Follow If You Have Eczema?
Quinn Chen, co-founder of Singapore beauty brand, Ice's Secret, answers.
A Mid-Career Change Is Not A Crisis
A mid-career switch, while daunting, can be the key to unlocking a more fulfilling and aligned professional life.
It's Cool To Get Cold
Ice baths are popping up around Singapore, waiting for you to take the plunge.
Will joining a breast cancer support group help me with my healing journey?
Emily Goh, senior medical social worker, answers.
PASSION FOR A CAUSE
Rebellion of the academic sort - runs in Anna Yip's blood. The deputy CEO of Singtel Singapore tells us how self-love, confidence, and a passion for tech guide her as she leads one of the nation's most established telecommunications companies into the future.
