Should you turn to Gemini, ChatGPT or Grok AI to make personal finance decisions?

AI mode works best as a guide for learning and organising thoughts, not as a final authority

• Google's AI Mode gives basic financial tips but can't fully manage personal finances.
• Experts: AI tools clarify concepts but lack context for personal decisions.
• AI is best used as an assistant, not a replacement for human financial advice

Did our AI summary help?

Technology companies are increasingly promoting artificial intelligence (AI) as a tool to help people manage everyday life and decisions. Google’s Gemini, OpenAI’s ChatGPT and xAI’s Grok are some of the chatbots which promise smarter answers, planning help and quick explanations. But can these help people make better financial decisions?

While these bots provide general guidelines such as having adequate term insurance and equities are risky, one should be careful, as it cannot “solve” your personal finances.

"Managing personal finance is not a one-time or 'fill it, shut it, forget it' activity. It needs careful product selection, keeping in mind your investment horizon and risk profile. You need to manage asset allocation at portfolio level and also be mindful of tax considerations," said Amol Joshi, founder, PlanRupee Investment Services. AI cannot practically take care of all these aspects end-to-end, he added.

A “DIY investor” needs to manage their portfolio regularly. If you are not a domain expert or short on time to do this, seek professional help.

Nehal Mota, co-Founder & CEO, Finnovate said relying on AI for personal finance can be a good starting point but it isn’t the solution in itself.

AI tools effectively reduce concepts to their simplest explanation, run quick calculations and compare financial products, especially in a market like India, where financial literacy at large is estimated to be around 27 percent.

They make it easy to comprehend basic concepts like SIP returns, insurance coverage, or tax brackets in seconds. “But personal finance decisions are very contextual and depend on variables such as income stability, family obligations, risk tolerance, tax residency, and long-term life goals,” she said.

According to studies, these behavioural biases, such as panicking and selling, inertia, or chasing short-term returns, are responsible for about 60–70 percent of unfavourable outcomes. “AI can barely affect these biases. Furthermore, tax rules, regulations, and product structures are always evolving, thus AI-generated answers could not always reflect the most recent compliance need or subtlety,” said Mota.

However, using AI more as an assistant than an adviser would be a more prudent, several experts said.

Though technology can improve efficiency, awareness and access, human accountability, behavioural discipline and individualised advice remain necessary to create sustainable wealth amid such complexity and uncertainty.

AI models work best as a guide for learning and organising thoughts, not as a final authority. For important choices such as investments, loans or retirement planning, human advice and trusted sources still matter. AI can support your financial journey, but it should not run it, they say.