The Growing Use of AI in Financial Management: Insights from the BMO Real Financial Progress Index

The use of artificial intelligence (AI) in managing finances and investments is on the rise among Americans, especially Gen Z, according to the latest BMO Real Financial Progress Index. The index reveals that 37% of Americans are utilizing AI to help with various financial tasks, such as learning about personal finance topics, creating budgets, identifying investment strategies, building savings, and updating financial plans.

While AI provides real-time insights and analysis for financial management, the survey also found that emotions play a significant role in financial planning, with 64% of Americans stating that AI cannot understand how emotions influence financial decisions. Paul Dilda, Head of U.S. Consumer Strategy at BMO, emphasized the importance of combining AI technology with personalized guidance from professional advisors to create a holistic approach to financial management.

The survey highlighted how Americans are using AI in various aspects of their lives, including research, productivity planning, content creation, and financial decision-making. Additionally, the study revealed a generation gap in AI usage, with Gen Z Americans being the most likely to leverage AI for planning upcoming financial milestones.

Despite concerns about financial anxiety, Gen Z individuals believe that AI can help them make more informed financial decisions and achieve real financial progress. BMO offers a range of digital tools and resources, such as BMO Total Look, BMO SmartProgress, BMO CreditView, BMO Savings Builder Account, and the BMO Real Financial Progress Hub, to help customers manage their finances effectively.

The BMO Real Financial Progress Index, launched in February 2021, aims to gauge consumers’ feelings about their personal finances and track their financial progress. The research conducted by Ipsos in the United States provides valuable insights into how Americans are using AI to manage their finances and investments, highlighting the importance of combining technology with personalized guidance for financial success.
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