Moneymakeover RTE article about using AI for financial advice

Corola said:
You could ask AI to summarise it
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It's goes like this:
  • The editor got a bullet point list of reasons for an against using AI for financial advice
  • The reported fed it into AI to write an article
  • BB posts a link
  • Lots of us assume the conclusions of the article based on the headline
  • Someone gets an AI to convert it back to bullet points (which don't match the original)
  • All of our electricity bills go up.
 
It’s actually nothing to do with an editor or a reporter, it’s a brainstorm article so comes directly from third level researchers in this case two professors as per the byline.

Prof Olive McCarthy is a professor in the Department of Food Business and Development and a senior researcher with the Centre for Co-operative Studies at the Cork University Business School at UCC. She is a former Research Ireland awardee.
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Prof Ciara Heavinis Professor in Business Information Systems at the Cork University Business and Co-Director of the Health Information Systems Research Centre at UCC. She is a former Research Irelandawardee.
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I have read it now and it's poor enough.

It lists a lot of overseas studies of how many people use AI for financial advice. This takes up a lot of the article.

Most of the warnings about AI could also be said about financial advisors

It is possible that AI tools could influence people towards certain products or services. While recommendations may appear helpful and personalised, they are not always guaranteed to be in the consumer's best interests. In some cases, AI may favour particular options over others, meaning users may not see the full range of choices available to them.

It would be useful to do a few case studies where a potential investor goes to a broker and gets advice from AI.
 
I asked ChatGPT and Gemini recently for advice on which mortgage rate option I should take. Different rate, different term, one with cashback.

I gave them both the same prompt, and they set out the arguments, and both recommended a different option. I then presented the drawbacks ChatGPT told me to Gemini, and vice-versa, and they both changed their minds!

Depending on how you word the question "shouldn't I do this", "isn't it better to" it will tend to just agree with you instead of push back.
 
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Corola said:
it will tend to just agree with you instead of push back.
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It did manage to get a bit of pushback from one of them after pointing out all the errors in its financial advice. Something along the likes of, "You clearly don't need such basic advice with your levels of knowledge"
 
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