(BPT) - Americans are increasingly turning to AI for financial guidance and it shows. According to recent Intuit Credit Karma research, 66% of Americans who have used generative AI have turned to it for financial advice. But as AI becomes a bigger part of how people manage their money, not all of it is designed to do the same job.
General-purpose AI, the AI assistants hundreds of millions of people use daily, can be a useful starting point for learning about financial topics, understanding how a product works, or getting a broad sense of your situation. But information is only the first step. When it comes to actually improving your financial health, the real value comes from moving from knowing to doing.
As economic uncertainty, inflation, debt pressures and a rapidly evolving financial landscape continue to shape consumer behavior, demand for personalized financial guidance is growing because one-size-fits-all doesn't work when it comes to someone's money.
AI built for your financial life bridges the gap between knowing and doing, designed to identify opportunities, recommend personalized actions, and connect consumers with the tools and products they need to achieve the best outcome.
If you're looking to use AI to improve your financial health, here are a few things to keep in mind.
Look for tools that help you build, not just browse
As AI becomes a bigger part of consumers' financial lives, the most effective experiences will do more than answer questions.
Whether your goal is reducing debt, building credit, saving money or improving your overall financial health, look for tools that help you turn information into action.
AI should help move you from "What should I do?" to "Here's what I can do next."
A general AI tool can explain how debt consolidation works while AI that knows your finances can evaluate a consumer's actual debt situation, estimate potential savings, recommend a path forward and connect them with options they are likely eligible for.
Intuit Credit Karma's Debt Assistant helps members understand their debt picture, explore consolidation opportunities and identify ways to reduce interest costs. In fact, those using Debt Assistant save an average of $178 per month in interest.*
Use technology to uncover opportunities you may not know exist
One of the biggest advantages of technology built for your financial life is its ability to identify opportunities that are relevant to where you are today, and adapt as your financial needs change over time.
For consumers early in their financial journey, that may mean building credit. For millions of Americans who don't have a credit score or have limited credit histories, establishing credit remains a major hurdle. Historically, the credit system has been a catch-22: you need credit to build credit, but you need a credit history to access products that help you build it.
That's why products that leverage alternative payment data are helping more consumers establish credit histories using positive financial habits they already demonstrate. Credit Karma's Credit Spark, for example, turns existing utility and phone bill payments into credit history, helping consumers build credit without taking on debt.
As you make financial progress, your priorities naturally change. Someone who has already built strong credit may be more focused on maximizing rewards, reducing costs or getting more value from the cards they already have. Credit Karma's Cards Optimizer helps consumers identify opportunities to earn more rewards and benefits based on how they actually spend, helping ensure they aren't leaving value on the table.
As AI and technology become a more common part of consumers' financial lives, the key is understanding what role different tools can play. The most popular AI assistants can be a valuable resource for learning about financial topics and exploring your options, but when it comes to improving your financial health, consumers should look for tools that can help them take the next step.
*Based on a weighted average of members who saved on interest or lowered their monthly payment by finding a better loan option via Debt Assistant.