ChatGPT Financial Advice: 35% Wrong Answers in New Testing

ChatGPT is cool. It can write poems, answer trivia, and even help you brainstorm ideas. But should you trust it with your money?

New research says. .. probably not.

A recent study looked at how well ChatGPT answers financial questions. The results? A little scary.

The Numbers Don’t Lie

Investing in the Web, a broker analysis site, put ChatGPT to the test. They asked it 100 finance-related questions. Experts then checked the answers.

Here’s the breakdown:

• 65% of answers were correct. Not bad, right?
• 29% were incomplete or misleading. Uh oh.
• 6% were flat-out wrong. Yikes!
• Overall, ChatGPT got 35% of the financial questions wrong.

That’s more than one in three questions answered incorrectly. When it comes to your hard-earned cash, those odds aren’t exactly comforting.

What Kind of Questions?

The study covered a range of financial topics. Questions like:

• “How do I save for my child’s education? ”
• “How does the average pension compare to the average salary? ”
• “What are the pros and cons of investing in gold? ”

Important stuff! You’d want accurate answers, wouldn’t you?

Why the Errors?

One big problem? ChatGPT struggles with up-to-date info. Finance is all about real-time data. Interest rates change. Stock prices go up and down.

Think of it like asking ChatGPT for the weather forecast. .. for yesterday. Not very helpful.

The Experts Weigh In

Andrew Lo, from MIT, says to be careful about getting legal, medical, or financial advice from AI. Why?

Because bad advice in those areas can have serious consequences.

The Takeaway?

ChatGPT is a powerful tool. But it’s not a financial whiz. Always double-check its answers, especially when your money is on the line.

Go to the source! Talk to a financial advisor. Read reputable sources. Don’t rely on a chatbot for something so important.

Your wallet will thank you.