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AI For Personal Finance: Is Using ChatGPT, Gemini Or Grok The Right Choice?
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Grok, ChatGPT and Gemini are popular for personal finance advice, but experts warn AI lacks nuance and should be used as an assistant, not a sole adviser.
Using AI more as an assistant than an adviser would be a more prudent.
Many people have turned towards popular generative AI applications such as Grok, ChatGPT and Gemini to take personal finance advice regarding wealth management and investment. With the growing dependency on these applications in the general aspect of life, the PF part hasn’t remained untouched, either.
What used to be the domain of experts in the personal finance segment and wealth management is being done by an AI chatbot in peanuts and at the fingertips. Thus, alluring people to use them while seeking PF advice.
In fact, the AI companies are also focusing on building their chatbots to be useful and friendly in relation to financial and investment advice, though there are doubts still pertaining to the relevance and truthfulness.
Is it the right choice to use these chatbots to take personal finance advice?
Amol Joshi, founder, PlanRupee Investment Services told Moneycontrol that managing personal finance isn’t a one-time or ‘fill it, shut it, forget it’ activity. He further said that it requires careful product selection, keeping in mind your investment horizon and risk profile. “AI cannot practically take care of all these aspects end-to-end, he added.
Experts say that one needs to manage their portfolio regularly, and if one, they say, can’t do it by themselves, then he needs to seek professional help.
Nehal Mota, co-Founder & CEO, Finnovate as quoted by Moneycontrol said relying on AI for personal finance can be a good starting point but it isn’t the solution in itself.
AI tools are good at breaking down complex ideas into simple explanations, doing quick calculations, and comparing financial products. This is especially useful in India, where overall financial literacy is estimated to be around 27 percent.
They help people quickly understand basics such as SIP returns, insurance coverage, or tax slabs. However, personal finance decisions are highly personal and depend on many factors — income stability, family responsibilities, risk appetite, tax status, and long-term goals.
Studies suggest that behavioural biases — like panic selling, staying inactive for too long, or chasing short-term gains — account for nearly 60–70 percent of poor financial outcomes. AI has limited ability to address these emotional biases. Also, since tax laws, regulations, and product structures keep changing, AI-generated responses may not always capture the latest compliance requirements or finer details, Mota said.
However, using AI more as an assistant than an adviser would be a more prudent, several experts said.
February 14, 2026, 14:32 IST
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