I've dedicated over two decades to guiding people nationwide in understanding credit and personal finance through diverse forums and channels. Helping them enhance their financial knowledge is a deeply personal passion. We're aware that numerous consumers are eager for tools and resources to enhance their comprehension of credit and personal finance. The main challenge frequently lies in identifying the most effective ways to reach consumers and disseminate information.

From Early Career to the Present

In the early stages of my career, it involved scheduling events on evenings and weekends, printing and mailing brochures, and building basic web pages. Over time, print almost vanished, and we started reaching consumers through our "online credit advice column" (which later became known as one of the first blogs in our industry). We also began engaging directly through social media and video conferences.Today, we're entering a new and thrilling era with the emergence of generative artificial intelligence (AI) solutions and capabilities.

Generative AI: A Technological Revolution

Generative AI is a technological advancement that holds the promise to revolutionize many industries, similar to how the internet and smartphones transformed our lives. Just as these innovations changed how we communicate, access information, and manage our daily lives, generative AI has the potential to reshape how we approach learning about and managing our personal finances.Many Americans are already taking notice. In fact, new research from our company shows that 63% of consumers are familiar with generative AI. This includes a notable 84% of Gen Zers and 79% of Millennials. Most of these consumers are not only aware of generative AI but are actively using it to learn about new topics, including personal finance. Nearly half of the respondents have either used or are considering using AI-powered tools to manage their finances, and an impressive 96% report positive experiences.

The Appeal of Generative AI

For many, the allure of the technology lies in its accessibility and efficiency. In many cases, it's free, easy to use, can save consumers both time and money - and they feel good using it.Our research indicates that 67% of users feel more productive and make decisions faster with the help of generative AI. These tools can assist with tasks such as answering basic finance questions, helping users understand key concepts like credit scores or interest rates, and even offering personalized suggestions for creating a budget.For young consumers who don't have access to financial literacy programs in school or parents who are willing and equipped to share financial knowledge, generative AI can be a game-changing resource available at their fingertips.

Three Tips for Using Generative AI Responsibly

As with any new tool, it's crucial to be aware of potential limitations and use it responsibly. If you're currently using or considering using generative AI to learn more about or manage your personal finances, here are three tips to keep in mind to safeguard your financial health in the long run:Remember the fundamentals. While generative AI can be a valuable tool for financial management, it's important not to overlook traditional methods of protecting your financial health and credit, such as regularly checking your credit reports and scores.Validate information. Generative AI tools rely on the data they are trained on, and there's a lot of misinformation about credit scores and financial management online. Always verify AI-generated financial advice with trusted sources.Use AI responsibly. Many generative AI tools collect and store user data. Be cautious about sharing personal information to ensure your data remains secure.There is no one-size-fits-all solution to improving financial literacy and health. Generative AI is a promising addition to the toolkit, but it should be used in conjunction with other financial resources and practices.By combining traditional approaches to financial literacy with the innovative capabilities of generative AI, consumers can navigate their financial journeys more effectively.Disclaimer: The information provided here is not investment, tax, or financial advice. You should consult with a licensed professional for advice concerning your specific situation.