GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice

Pawe{\l} Niszczota and Sami Abbas

Papers from arXiv.org

Abstract: We assess the ability of GPT -- a large language model -- to serve as a financial robo-advisor for the masses, by using a financial literacy test. Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial literacy test, respectively, compared to a baseline of 33%. However, ChatGPT based on GPT-4 achieves a near-perfect 99% score, pointing to financial literacy becoming an emergent ability of state-of-the-art models. We use the Judge-Advisor System and a savings dilemma to illustrate how researchers might assess advice-utilization from large language models. We also present a number of directions for future research.

Date: 2023-08, Revised 2024-09
New Economics Papers: this item is included in nep-ain, nep-cmp, nep-fle, nep-ger and nep-pay
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Citations: View citations in EconPapers (5)

Published in Finance Research Letters, 2023, 58, 104333

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Persistent link: https://EconPapers.repec.org/RePEc:arx:papers:2309.00649

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