ChatGPT, Help! I Am in Financial Trouble

Minh Tam Tammy Schlosky (), Serkan Karadas and Sterling Raskie
Additional contact information
Minh Tam Tammy Schlosky: College of Business and Management, University of Illinois Springfield, Springfield, IL 62703, USA
Serkan Karadas: College of Business and Management, University of Illinois Springfield, Springfield, IL 62703, USA
Sterling Raskie: Gies College of Business, University of Illinois Urbana-Champaign, Champaign, IL 61820, USA

JRFM, 2024, vol. 17, issue 6, 1-39

Abstract: This study examines the capability of ChatGPT to provide financial advice based on personal finance cases. We first write our own cases and feed them to ChatGPT to get its advice (recommendations) on them. Next, we assess the quality and the validity of ChatGPT’s recommendations on these cases. We find that ChatGPT serves as a suitable starting point, but its recommendations tend to be generic, and they often overlook alternative solutions and viewpoints and priority of recommendations. Overall, our analysis demonstrates the strengths and weaknesses of using ChatGPT in personal finance matters. Further, it serves as a helpful guide to financial advisors, households, and instructors of personal finance who are already using or considering using ChatGPT and want to develop a suitable understanding of the benefits and limitations of this new technology in addressing their professional and personal needs.

Keywords: ChatGPT; artificial intelligence (AI); machine learning; personal finance; financial advisors; financial planning; finance pedagogy (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.mdpi.com/1911-8074/17/6/241/pdf (application/pdf)
https://www.mdpi.com/1911-8074/17/6/241/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:gam:jjrfmx:v:17:y:2024:i:6:p:241-:d:1412445

Access Statistics for this article

JRFM is currently edited by Ms. Chelthy Cheng

More articles in JRFM from MDPI
Bibliographic data for series maintained by MDPI Indexing Manager ().