Artificial Intelligence (AI) has had many breakthroughs in the past few years, and more and more households are beginning to incorporate it in their daily routines. The BMO Real Financial Progress Index reveals a growing number of Canadians, notably Gen Z, are using artificial intelligence (AI) to help manage their finances and investments.

Among the 33% of Canadians using AI to help manage their finances, the most common uses include:

• Learning more about personal finance topics (45%),
• Creating and/or updating household budgets (43%),
• Identifying new investment strategies (42%),
• Building savings (40%), and
• Creating and/or updating their financial plans (40%).

While AI is helping Canadians manage some aspects of finances, over two thirds (68%) say AI cannot understand how emotions influence financial planning.

“AI is a transformative technology that can instantly analyze information and generate ideas, but people’s relationship with money is complex, personal and emotional. By making it easier to help manage finances, AI is proving a powerful tool to build financial literacy and make informed financial decisions, and together with guidance from a professional advisor, more Canadians can be empowered to conveniently manage their money, achieve their goals and make real financial progress.”

https://about.bmo.com/artificial-intelligence-has-taken-the-world-by-storm-heres-how-canadians-are-using-it-to-help-with-their-finances/