Does generative AI solve the financial literacy problem?
Source: Wharton School
Generative AI will play an important role in addressing financial literacy, but it will also place increased pressure on financial education.
In this opinion piece, Michael R. Roberts dives into the pros and cons of using generative AI and ChatGPT to boost financial literacy and what it means for financial education.
The author suggests that AI will play a large role in addressing financial literacy. This said, he argues that the imperfections and the nature of generative AI interactions place an even greater demand on users’ understanding of finance principles and critical thinking skills.
He concludes that, at least in the short run, generative AI going to place an even greater emphasis on understanding financial principles and developing critical thinking skills — two central objectives of proper financial education.
Figure - ChatGPT demonstrates a high level of financial literacy, far surpassing the average test-taker