ChatGPT, Help! I Am in Financial Trouble-Reference-Cited by-同舟云学术

ChatGPT, Help! I Am in Financial Trouble

Published:2024-06-11 Issue:6 Volume:17 Page:241
ISSN:1911-8074
Container-title:Journal of Risk and Financial Management
language:en
Short-container-title:JRFM

Author:

Schlosky Minh Tam Tammy¹^ORCID,Karadas Serkan¹,Raskie Sterling²³

Affiliation:

1. College of Business and Management, University of Illinois Springfield, Springfield, IL 62703, USA

2. Gies College of Business, University of Illinois Urbana-Champaign, Champaign, IL 61820, USA

3. Blankenship Financial Planning, New Berlin, IL 62670, USA

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.

Publisher

MDPI AG

Link

https://www.mdpi.com/1911-8074/17/6/241/pdf

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