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Moneysmart publishes tips on using AI for financial issues

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ASIC’s Moneysmart website has published guidance to help Australians using publicly available AI tools for information on financial issues.

The consumer guidance – published for the first time on Moneysmart – responds to the growing use of publicly available AI tools to answer money questions, alongside social media and other digital sources.

New research commissioned by Moneysmart shows that:

  • nearly one in five Gen Z Australians (18%) are using AI platforms for financial information and guidance
  • almost two thirds (64%) say they trust AI platforms for money advice, including one in six (16%) who say they completely trust them
  • nearly two thirds (63%) of GenZ are confident in the accuracy of financial guidance from AI platforms.

In response to these findings, the new Moneysmart guidance explains that while publicly available, general-purpose AI tools can help with learning and research on general topics, they have important limitations that could lead to inaccurate or inappropriate suggestions.

It sets out examples of when AI may be helpful – such as summarising complex information or answering general money questions – and when it’s a good idea to seek further information from trusted sources or seek advice from a licensed adviser.

While AI can be used as a learning tool, it should always be checked against trusted, independent sources to verify claims before acting on any information it gives you. We always encourage consumers to research broadly and not to rely on one source (whether AI or otherwise) when making decisions about their finances.

The new-look Moneysmart

ASIC is encouraging Australians to take a fresh look at the new Moneysmart website.

Marking 15 years since the consumer education platform began helping Australians to make better-informed financial decisions, Moneysmart has undergone a thorough makeover designed to make it even more accessible, engaging and relevant in an increasingly complex online financial environment.

This refresh helps ensure Moneysmart provides a trusted alternative – free, independent and designed to help Australians make decisions that work for them, not someone selling a product.

For trusted information and tools to help manage money and navigate financial decisions, visit moneysmart.gov.au.