Amanda Morrall: Does AI play a role in personal finance?

Hey, AI, I thought you were going to be maybe poo poo, not poo pooey, but a cautionary note.

But then I thought about it.

I thought, actually, with regards to the maths and the calculations and working out different ideas and.

all sorts of things and suggestions.

I don't know.

Where are you? What do you reckon?

Well, my partner's convinced I'm going to be running off with some chat GPT avatar any day now because I do spend a lot of time with getting to know chat GPT and drilling out on everything, like you said, from cooking to how to change a light bulb or fix a leaky sink.

And on the financial front, It's great.

So I probably wouldn't have said that about five years ago, but as I've got more comfortable and understand the nuances and the prompts and how to structure it, I think it's a fantastic tool.

Imperfect, but a fantastic tool for personal finance, particularly for people who are, this is the biggest thing I come across with people in personal finance.

They don't want to ask something that they feel will make them sound stupid or they don't understand So it cuts through all that self-doubt.

You can ask it anything, right, without feeling like a fool.

And it's a really good place to start.

Actually, that is one of the things about ChatGPT is you can, I mean, to be honest, I've always had a policy even on air and listening with thousands of people listening.

I'm not afraid of asking a dumb question.

I like to think of that as a superpower.

That's sort of a golden rule of journalism and that's what we learn too.

It's actually the key to creativity, not being afraid to be wrong.

But

that is something which everyone can discover no matter how afraid you are because when you're asking ChatGPT, I wonder how many people are shy of asking chat GPT a dumb question.

And chat's never going to make you feel like an idiot.

In fact, the opposite is true.

It'll encourage you.

And so I think, again, because there's no sort of judgment there that you can get rid of those psychological barriers that would otherwise hold a lot of people back from asking questions.

questions whether it's to do with budgeting or investing or getting started and you know so takes away the shame that people might feel on the personal kind of and then there's some very very powerful things you can do with it very very quickly and for free yeah many instances