OECD - Artificial intelligence and personal finance

OECD Artificial Intelligence Papers Artificial intelligence and personal finance No. 622 

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that vulnerability is rooted in a mix of personal traits (consumer ch aracteristics), personal situations (consumer circumstances), how financial markets are structured (market characteristic s), and how financial service providers operate (conduct and culture of firms). It also highl ights policy considerations and responses to address this issue. 15 Examples include Google Virtual Field Trips ( artsandculture.google.com/project/expeditions). 16 Examples include Carnegie Learning's adaptive learning platform ( www.carnegielearning.com/) and Khan Academy’s Khanmigo (www.khanmigo.ai/). 17 www.fca.org.uk/firms/innovation/ai-lab 18 www.iosco.org/v2/training/?subsection=tech-sprint 19 For more information please visit: www.oecd.org/en/topics/sub-issues/ai-principles.htmlOECD Artificial Intelligence Papers Artificial intelligence and personal finance No. 62 Artificial intelligence (AI) is transforming how consumers access and use financial information, education and advice for personal financial decision making. While consumers’ increasing use of AI tools and AI-generated content for personal finance brings opportunities in terms of accessibility, personalisation and decision making, it also increases risks related to bias, hallucinations, commercial influence, data privacy and exclusion, with uncertain benefits on long-term financial well-being. This policy paper provides policymakers and stakeholders with an overview of current trends, opportunities and risks in the use of AI in personal finance and in the design and delivery of financial education. It also proposes a set of financial literacy competencies to support the use of AI in personal financial decision making.

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Foreword Consumers’ increasing use of AI tools and AI-generated content for personal finance brings opportunities in terms of accessibility, personalisation and decision making , but it also increases risks related to bias, hallucinations, commercial influence, data privacy and exclusion, with uncertain benefits on individual longterm financial well-being. This policy paper explores how AI tools are transforming the way consumers access and use financial information, education and advice in the management of their personal finances , and how AI tools can make financial education more personalised and accessible. It provides financial literacy policymakers and stakeholders with an overview of current trends, highlighting key opportunities and emerging risks. Drawing on these trends and on the experiences of members of the OECD International Network on Financial Education (OECD/INFE), the paper presents fina ncial literacy competencies that individuals should possess to benefit from these developments, both as consumers and learners, as well as policy considerations to guide the development of effective financial education responses. This report has been developed by the Capital Markets and Financial Institutions Div ision of the OECD Directorate for Financial and Enterprise Affairs. It was prepared by Andrea Grifoni under t he supervision of Chiara Monticone, Senior Policy Analyst, Miles Larbey, Head of the Financial Consumer Protection, Education and Inclusion Unit, and Serdar Çelik, Head of Division. Delegates to the OECD International Network on Financial Education and to the OECD Working Party on Financial Consumer Protection, Education and Inclusion, as well as Iota Kaousar Nassr from the Division, Brigitte Acoca, Nils Adriansson and Nicholas McSpedden-Brown in the OECD S cience, Technology and Innovation Directorate, and Stuart Elliot in the OECD Directorate for Education and Skills provided i nput.4 

ARTIFICIAL INTELLIGENCE AND PERSONAL FINANCE © OECD 2026

Executive summary

Innovation Directorate, and Stuart Elliot in the OECD Directorate for Education and Skills provided i nput.4 

ARTIFICIAL INTELLIGENCE AND PERSONAL FINANCE © OECD 2026

Executive summary

In 2025, over one third of individuals across OECD countries reported using AI tool s. Increasingly, these tools are being used to support financial decision making and to learn about personal finance. Consumers turn to AI for assistance with choosing and understanding financial products, budgetin g, credit management, investing, and retirement planning. They also rely on AI to acces s personalised financial education, sometimes asking questions they might not feel comfortable asking a human advisor. While these developments hold significant potential to support consumers in man aging their personal finances, the use of AI tools also introduces important risks. Some risks are inherent to the technology itself, including hallucinations , biases, potential commercial influence, and the blurring of boundaries between personalised financial advice and general information. Other risks arise from how consumers use AI tools, for example, relying on them to reduce cognitive effort, or acting on the advice receive d from AI tools without fully understanding the nature or limitations of the advice provided. These risks may lead to consumer harm, such as financial decisions that are inconsistent with individuals’ needs and preferences, misuse of personal data, and new forms of digital exclusion. AI is not a substitute for financial literacy. The use of AI tools by consumers calls for specific financial literacy competencies for their safe and informed use. Consumers need to know how to ask appropriate questions, how to critically assess personal data requests and the responses they receive. Low levels of financial, digital and AI literacy could further increase the potential for harm assoc iated with the use of these technologies. Although these are relatively recent developments, it is already possible to iden tify some key policy considerations for financial literacy policymakers and stakeholders: • Additional evidence is needed to understand how consumers use AI in the management of their personal finances and the implications on consumer outcomes, both positiv e and negative. The OECD/INFE International Survey of Adult Financial Literacy, Inclusion & Well-Being 2026

considerations for financial literacy policymakers and stakeholders: • Additional evidence is needed to understand how consumers use AI in the management of their personal finances and the implications on consumer outcomes, both positiv e and negative. The OECD/INFE International Survey of Adult Financial Literacy, Inclusion & Well-Being 2026 (OECD, 2026[1]) will contribute to fill this gap, as it includes questions to measure digital financial literacy as well as the use of AI for financial advice. • It is important to continue promoting financial literacy to empower consumers in using AI tools for personal financial management in safe and informed ways, alongside financ ial consumer protection measures. Possessing adequate financial literacy remains essential for individuals to retain autonomy and agency when using AI to inform financial decision making . Consumers should be able to critically assess the information they receive and deci de whether to act upon it. • Policymakers and stakeholders should inform consumers about the opportunities and risks of using AI as a source of financial information, education and advice in their financi al education initiatives. In doing so, they can build on the financial literacy competenci es suggested in this paper. 5

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• Policymakers and stakeholders can harness AI to create effective, engaging and personalised financial information and education to support consumers in their personal financ ial decision making. In doing so, they should consider the importance of robust human oversigh t, anchoring AI tools ’ responses in vetted content (“grounding”), and governance models to foster the accuracy, quality and pedagogical soundness of AI-generated content. • Consumers with low levels of financial literacy, digital and AI literacy or limited access to AI may benefit from specific support, as well as those without access to the digital infrastructure for the use of AI. This would minimise the risks of new forms of exclusion.6 

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Table of contents Foreword 3

Executive summary 4

use of AI. This would minimise the risks of new forms of exclusion.6 

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Table of contents Foreword 3

Executive summary 4 Introduction 7 1 The use of AI to support personal financial decision making 10 1.1. Current trends in the use of AI by consumers to manage their personal finances 10 1.2. Opportunities and risks for consumers in using AI to manage personal finances 11 2 The use of AI to design and deliver financial education 20 2.1. Opportunities 20 2.2. Risks 23 3 Financial literacy competencies for the use of AI in personal finance 26 3.1. Financial literacy competencies for a safe and informed use of AI in the context of personal finance 26 4 Policy considerations 28 References 30 Annex A. The OECD AI Principles 37 Annex B. Glossary 39 Notes 41

TABLES Table 1. Financial literacy competencies for a safe and informed use of AI in the context of personal finance 27

BOXES Box 1. Evidence on the use of AI tools in personal finance in selected jurisdictions 11 Box 2. The use of robo-advice and financial literacy 15 Box 3. Trust in AI tools 17 Box 4. Selected examples of information campaigns about the use of AI 19 Box 5. The use of AI to support financial literacy in the classroom 22 Box 6. IOSCO TechSprint “Investor Education in the Age of Artificial Intelligence” 24 Box 7. Ensuring continued visibility of financial education content developed by public authorities 25 7

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Introduction The growing availability and potential of AI tools can transform how consumers access, interpret, and act upon complex financial information, and enable more personalised and adaptive financial education that can better meet individual needs.

ARTIFICIAL INTELLIGENCE AND PERSONAL FINANCE © OECD 2026

Introduction The growing availability and potential of AI tools can transform how consumers access, interpret, and act upon complex financial information, and enable more personalised and adaptive financial education that can better meet individual needs. AI is increasingly used both in finance and education, among other domains, partic ularly since it became widely available to the public in late 20221 following the release of consumer-accessible generative AI tools such as ChatGPT (Lorenz, Perset and Berryhill, 2023 [2]). In 2025, over one-third of individuals across OECD countries used AI tools (OECD, 2026[3]). In the financial sector, AI is used both on the supply and demand side. On the supply side, AI is embedded across a wide range of products and services, from back-office operations to customer-facing applications (OECD, 2024[4]; New Zealand Financial Market Authority, 2024[5]; OSFI-FCAC, 2024[6]). Notable examples include fraud detection, customer service and client onboarding in banking, credit underwriting, insurance underwriting and claims processing, algorithmic trading, and alternative data‑based credit scoring (OECD, 2023[7]; 2024[4]; 2021[8]; Financial Stability Board, 2024[9]; European Banking Authority, 2025[10]). AI is also used by financial service providers through the use of alternative data to assess creditworthiness among individuals with limited financial histories and other underserved groups (O ECD, 2021 [8]; 2025 [11]; CAF, 2025[12]). Other uses include the onboarding of new clients and automated support. On the demand side, consumers increasingly use AI for financial information and advice, and AI tools have the potential to support financial decision making in areas such as budgeting, cr edit management and

2025[12]). Other uses include the onboarding of new clients and automated support. On the demand side, consumers increasingly use AI for financial information and advice, and AI tools have the potential to support financial decision making in areas such as budgeting, cr edit management and investing (OECD, 2024 [4]; Empower, 2025 [13]; J.D. Power, 2025 [14]; TD Bank, 2025 [15]; FINRA, 2024 [16]; Lloyds Banking Group, 2025 [17]; Jia, Eling and Wang, 2025 [18]; IPSOS, 2024[19]). AI tools can also provide easier access to personalised financial education. They can extend the reach and accessibility of financial education, make it more personal, notably as a result of adaptive learning a nd tutoring, thereby directly supporting financial decision making (OECD, 2021 [20]; Varsik and Vosberg, 2024 [21]; OECD, 2026 [22]). It can also offer new tools to financial literacy policymakers and stakeholders to effectively design and deliver financial education. Together, these developments present significant opportunities to support individual fin ancial decision making but also bring new risks for consumers (Global Financial Innovation Network, 2025[23]). As in other domains, the use of AI raises important questions about the quality of outpu ts, privacy, data protection, digital security, as well as equity and inclusion (Varsik and Vosberg, 2024 [21]). The possible emergence of consumer detriment calls for a policy response ensuring that the use AI contributes to increasing financial well-being and does not exacerbate inequalities. In the analysis of these phenomena and their effects on consumers and learners, it is important to note that this field is developing rapidly and that opportunities and risks will evolve, as a result of developments in AI tools and changes in the regulation and supervision of the use of AI. In addition, it is important to recognise that many sources of evidence describing the use of AI by financial consumers are currently produced by or on behalf of financial institutions offering AI services to their8 

in AI tools and changes in the regulation and supervision of the use of AI. In addition, it is important to recognise that many sources of evidence describing the use of AI by financial consumers are currently produced by or on behalf of financial institutions offering AI services to their8 

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customers, and that evidence on the effects of AI on consumers’ financial literacy an d well-being is still scarce. Scope This paper explores recent developments, presents evidence and highlights the opportunities and risks related to the use of AI in personal finance. In particular: • Section 1 focuses on the use of AI by consumers in personal financial decision making, including through AI tools and AI-generated financial information, education and advice. • Section 2 focuses on financial education and on the opportunities and risks offered by AI tools in designing and delivering it. • Section 3 focuses on financial literacy competencies for the use of AI in personal finance, looking both at competencies for personal financial decision making with the support of A I tools and at competencies for accessing and using AI-generated financial information, education and advice.

The paper does not address: • The use of AI by financial services providers in designing, marketing and selling financial products and services. • The provision of “regulated” personal financial advice. Most jurisdictions have regulations in place relating to the provision of personal financial advice, i.e. advice that contai ns specific recommendations based on an assessment of a consumer’s profile, financial needs and objectives. This paper does not discuss the extent to which regulated financial advice is affected by AI, or any policy and regulatory responses. • The use of AI by financial fraudsters and scammers (IOSCO, 2024 [24]; OECD, 2026[25]).

Relevant OECD work The OECD Council adopted the Recommendation on Artificial Intelligence at its Ministerial meeting in May 2019 and updated it in 2024 (OECD, 2024 [26]). This Recommendation includes the OECD AI Principles

Relevant OECD work The OECD Council adopted the Recommendation on Artificial Intelligence at its Ministerial meeting in May 2019 and updated it in 2024 (OECD, 2024 [26]). This Recommendation includes the OECD AI Principles (see Annex A), which are the first intergovernmental standard on AI. They promote innovative, trustworthy AI that respects human rights and democratic values. They are composed of five values-based principles and five recommendations that provide practical and flexible guidance for policymakers and AI act ors. In addition to these Principles, the following OECD standards relating to con sumer finance include provisions that are relevant to the use of AI by financial consumers: • The G20/OECD High-Level Principles on Financial Consumer Protection (OECD, 2022[27]) (the FCP Principles), which set out the essential elements of a comprehensive and effective financial consumer protection framework, include a cross-cutting theme on digitalisation. This theme highlights the importance of addressing consumer risks stemming from the use of AI in financial markets. • The OECD Recommendation on Financial Literacy (OECD, 2020 [28]), which presents a single, comprehensive, instrument on financial literacy, does not address AI explic itly but invites Adherents to develop appropriate tools to support learning (including digital tool s) and prepare consumers to deal with the financial advice industry, including via robo-advice. 9

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Besides these international standards, work on AI that is relevant from a consumer finance pe rspective is being undertaken by the following OECD bodies: • The OECD Committee on Financial Markets 2 has focused on supervisory approaches to AI in finance (OECD, 2026[29]) as well as on the interplay between AI and Open Finance (OECD, 2026 forthcoming[30]), including the implications and avenues for the use of agentic AI in financ ial services. • The OECD Working Party on Financial Consumer Protection, Education and Inclusion 3 includes the impact, opportunities and risks of digitalisation among its strategic priori ties and has held

forthcoming[30]), including the implications and avenues for the use of agentic AI in financ ial services. • The OECD Working Party on Financial Consumer Protection, Education and Inclusion 3 includes the impact, opportunities and risks of digitalisation among its strategic priori ties and has held regular roundtable discussions on the use of AI in consumer financial products and services. Among other things, the Working Party will take forward work on the application of the FCP Principles to digital assets and digital financial services, including those powered by AI. • The OECD International Network on Financial Education (OECD/INFE)4 is addressing AI related issues through its work on digital financial literacy, core competencies and f inancial literacy measurement. The OECD/INFE organised a roundtable on AI and financial education during its Technical Committee meeting in October 2025, which informed the development of this pape r. The OECD/INFE also developed the Digital financial literacy core competency fr amework for adults in ASEAN (OECD, 2026 [31]), which contains competencies related to AI in financial decision making. • The OECD Committee on Consumer Policy5 developed an issues note on the consumer benefits and risks of businesses’ integration of AI in consumer transactions and products . It also conducted a mapping of use of AI tools for consumer and product safety policy and enforcement activities. These include AI tools used by consumer authorities to engage with/and educate consumers, as well as AI tools consumers can use, for example for detecting fraudulent websites and unsafe products. OECD research, analysis, tools and data on AI, across all policy domains, is released via the OECD.AI Policy Observatory.610 

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This section focuses on the role of AI in supporting personal financial decision making. It starts by providing evidence on the increasing use of AI by consumers for seeking personal fi nancial information, education and advice to manage their personal finances. It then discusses opportunities and risks for consumers. 1.1. Current trends in the use of AI by consumers to manage their personal finances

evidence on the increasing use of AI by consumers for seeking personal fi nancial information, education and advice to manage their personal finances. It then discusses opportunities and risks for consumers. 1.1. Current trends in the use of AI by consumers to manage their personal finances Currently, the following AI tools are available to consumers as a source of financial information and advice and to manage their personal finances: • Conversational guidance, i.e. seeking answers and advice from consumer-accessible generative AI tools available online, also known as AI chatbots (such as ChatGPT, Claude, Gemini or CoPilot) or from those offered by financial services providers. • AI-powered personal finance apps with direct access to consumers’ financial acc ounts and records through Application Programming Interfaces (as is typically the case in Open Finance), which can for example help consumers categorise expenses, offer budgeting tips based on actual spending patterns and predictive analytics, and suggest credit repayment and investments strategies. Available evidence on the use of AI by financial consumers, currently limited to a few, mostly high-income, jurisdictions and mostly collected by or on behalf of financial institutions, shows that an increasing number of consumers are using or considering using AI to manage their personal financ es or to get financial information and advice (see Box 1). Evidence also indicates that many consumers trust AI when it comes to the provision of financial information (see Box 3) and that some report an improvement in their financial situation due to the use of AI. Importantly, many consumers who are not currently using AI for personal financial management report they would be open to using it in the future (IPSOS, 2024[19]; J.D. Power, 2025[14]; Thinks, 2025[32]). Looking ahead, the interplay of Open Finance and AI could create increased possibilities for the use of AI by financial consumers through the deployment of agentic AI. Contrary to what happens today with AI integrated within personal finance applications w ith access to data in “read only” mode (OECD, 2023[33]),

Looking ahead, the interplay of Open Finance and AI could create increased possibilities for the use of AI by financial consumers through the deployment of agentic AI. Contrary to what happens today with AI integrated within personal finance applications w ith access to data in “read only” mode (OECD, 2023[33]), agentic AI could initiate actions and autonomously execute financial decisi ons on a consumer’s behalf, including – depending on configuration and authorisation design – with limited or insufficiently informed consent.7

1 The use of AI to support personal financial decision making 11

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Box 1. Evidence on the use of AI tools in personal finance in selected jurisdictions Evidence on the use of AI tools in personal financial management is currently l imited to a few, mostly high-income, jurisdictions and is mostly collected by or on behalf of financ ial institutions. The 2026 OECD/INFE International Survey of Adult Financial Literacy, Inclusion & Well-Being will provide further evidence. Available evidence is presented below.

Canada: Evidence collected in 2024 8 indicated that one third of Canadians (33%) were using AI to manage their finances, including over half (55%) of Generation Z people (those born between 1996 and 2002) (IPSOS, 2024[19]).

France: The annual Savings and Investment Barometer undertaken by the French Financial Markets Authority (Autorité des Marchés Financiers, AMF) collected in 2025 for the first time information about the use of AI by French consumers (Autorité des Marchés Financiers, 2025 [34]). The results indicate that in a context in which consumers increasingly manage their savings and investme nt independently

(i.e. not through advisors), 11% of French adults turned to AI for financial advice.

Korea: evidence collected through an online panel in 2025, 9 shows that nearly 68% of Korean adults aged 25–59 used publicly available AI tools across ten personal finance domains, ran ging from

(i.e. not through advisors), 11% of French adults turned to AI for financial advice.

Korea: evidence collected through an online panel in 2025, 9 shows that nearly 68% of Korean adults aged 25–59 used publicly available AI tools across ten personal finance domains, ran ging from budgeting and savings to insurance and fraud detection (Pak, 2026[35]). Some 68% of respondents had used AI for at least one financial task, and close to 59% had done so across two or more domains. The most popular uses were stock investment advice (50%), savings planning (48%), budget management (48%), and tax filing and planning (47%).

United Kingdom: In 2025, evidence collected through an online panel showed that more than half of adults10 (56%) reported having used AI in the previous 12 months to help manage their money (Lloyds Banking Group, 2025 [17]). The AI tools used were primarily ChatGPT (60%) followed by the AI tools provided by consumers’ financial services providers (32%), Gemini (18%), and de dicated AI-powered personal finance apps (9%). Half of adults using AI to help manage their person al finances expected its use to increase in the following 12 months.

United States : Evidence collected in 2026 by the TIAA Institute and the Global Financial Lit eracy Excellence Center shows that 19% of consumers in the United States have used an A I tool to get information about a personal finance topic (Yakoboski et al., 2026[36]). Other sources, commissioned by the private sector, indicate higher percentages. One study shows that in 2025 11 nearly half of US citizens (47%) felt more comfortable using artificial intelligence in th eir financial lives compared to the previous year (Empower, 2025[13]). Another source of evidence12 showed that half of consumers (51%) reported using AI to obtain financial information or advice (J.D. Power, 2025 [14]). With regards to the frequency of use, 20% of consumers reported having used it on several occasions in the previous three

reported using AI to obtain financial information or advice (J.D. Power, 2025 [14]). With regards to the frequency of use, 20% of consumers reported having used it on several occasions in the previous three months, and 31% once or twice (J.D. Power, 2025[14]). Around one quarter (27%) replied that they would consider using it, and 20% that they were not interested in the use of AI for financial information or advice. About the type of AI, most respondents reported using publicly-avail able AI tools (mostly ChatGPT, Gemini, CoPilot, and MetaAI). 1.2. Opportunities and risks for consumers in using AI to manage personal finances The use of AI by financial consumers to manage their personal finances offers a numb er of opportunities, such as supporting consumers in accessing and using financial products and serv ices, offering access to financial information and advice, and giving access to personalised financial education. On the other hand,12 

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technological risks, the presence of bias, over-reliance on AI, and misunderstand ing of the nature of AI-powered financial advice can lead to potential consumer h