A recent BMO Financial survey has uncovered that Generation Z, those born between 1997 and 2012, are harnessing the powers of artificial intelligence (AI) to manage their money, more so than any other generation. 61% of this age group reported utilizing AI technologies for tasks related to their finances and investments.
Delving deeper into the data, it was found that of the 37% of survey participants who acknowledged using AI to handle financial matters, approximately 49% admitted to utilizing it to broaden their knowledge on personal finance, form and adjust home budgets (48%), identify new investment tactics (47%), accumulate savings (47%), as well as craft or amend their financial plans (46%).
Despite potential susceptibility of AI strategies to mistakes, it should be noted that 58% of Generation Z respondents expressed belief in AI's ability to assist in making more informed financial decisions. A substantial 55% shared their confidence in AI mechanisms being able to contribute positively towards financial advancements.
Additionally, the study showed that over the previous six months, 22% of Gen Z members indicated needing to make a large purchase, 18% embarked on their college journey, 15% shifted jobs, and 13% decided to start a business.
The survey, part of BMO's latest Real Financial Progress Index study, was carried out in the U.S. between May 31 to June 21. More than 2,500 adults aged 18 and over participated in the research.