Can you trust AI with your money? Explore how AI can support your financial decisions, where the risks lie and why personalised financial advice still matters.
AI Can Be Helpful, But Know Its Limits
We’re proud to sponsor the Where’s My Money? podcast with host Reagan White.
In this episode, our very own Katie Wesney joins Alan Crofts and Romil Ghelani from the Financial Markets Authority for a roundtable on the growing role of AI in personal finance.
AI can be incredibly useful for breaking down financial jargon, explaining concepts and helping you prepare questions before speaking with an adviser. But there’s an important distinction between using AI to become better informed and relying on it to tell you what you should do with your money.
The panel also discusses why confidently delivered answers aren’t necessarily correct, and why you should think carefully before sharing sensitive financial information with general-purpose AI tools.
Good Financial Decisions Need the Full Picture
One of the challenges with AI is that it only knows the information and context it has been given. Katie Whesney shares an anonymised example where an AI-generated financial plan appeared convincing but missed important details about the couple’s situation, including negative equity and when their KiwiSaver funds would actually be accessible.
It’s a useful reminder to bring some healthy scepticism to financial content online, whether it comes from an AI chatbot, social media or a “finfluencer”. Use technology to learn, explore and ask better questions, but when the decisions become personal, make sure the guidance takes your whole financial picture into account.
Turn a Plan Into Progress
AI can help you explore your options and even create a plan. But a plan only works if you put it into action.
An enable.me financial coach helps turn the thinking into doing, with practical strategies, clear next steps and accountability to keep you moving towards your goals.
Ready to turn your financial plans into progress?
Watch the Full Episode
Watch the full episode as Reagan White, Katie Whesney, Alan Crofts and Romil Ghelani explore AI and money, privacy, online financial advice, finfluencers and how to use new technology with a healthy dose of scepticism.
General information only
The information in this article is general in nature and is not intended to be personalised financial advice. It does not take into account your individual circumstances, objectives or financial situation. Before making any financial decisions, including decisions about borrowing or using credit, you should consider whether the information is appropriate for you and seek advice from a qualified financial adviser. While we take care to ensure the information is accurate at the time of publishing, we accept no responsibility for any loss arising from reliance on it.
