Can Chat GPT Give You Reliable Financial Advice?

Affinity Federal Credit Union presents the Wellbeing And Your Wallet podcast! In the seventeenth episode, expert hosts Shawn Lubitz and Grant Gallagher discuss how reliable Chat GPT can be with financial advice by asking the artificial intelligence tool financial questions and seeing how it responds.

The start of the discussion centers around AI. Shawn and Grant talk about incorporating it into everyday life, mainly focusing on utilizing AI tools, like ChatGPT, and their roles at Affinity. Grant mentions using AI like “Google on steroids” to find detailed information, recommendations, and templates, especially for tech-related queries. Grant also highlights the benefits of AI-powered smart assistants for managing schedules, traffic updates, and stress reduction.

Additionally, the team talks about incorporating AI into financial wellbeing. Grant and Shawn discuss how AI can offer advice and recommendations for improving one’s credit score. However, they stress the importance of getting individualized advice and recommendations from a professional, like a credit counselor. They say going that route is crucial due to the complexity of personal financial situations, which often require a personalized approach.

Some additional topics included:

• Preparing to purchase a home
• Federal student loan payment resumption

Following the main discussion, Grant pulled a discussion from the member mailbag, and the team answered the member-submitted question: I am in my early 60s, and I really would love to retire soon. I am worried I don’t have enough saved for the entirety of my retirement and obviously don’t want to run out of money. How can I really know if I am prepared financially to retire? Listen to the episode to hear how ChatGPT responded to the question!

To wrap up this week, Shawn highlights the SmartStart Savings account, which can be a great savings vehicle whether you are saving for a down payment, a dream vacation, or a rainy day. The SmartStart savings account earns a 4% annual yield on the first $10,000 of savings. Affinity is there to help you earn more toward your financial goals.

Just a reminder if you have a question or comment for a future Member Mailbag segment, please send it to @affinityfcu on Facebook or Twitter with #MemberMailbag.

Rate, like, and subscribe for more from the Wellbeing and Your Wallet podcast. Visit www.affinityfcu.com for additional information about financial wellbeing and Affinity products.

Thanks for listening and be well.