How People Are Using ChatGPT for Financial Advice and Top Prompts They Use

posted in: Banking Tips, Credit Cards | 0

It’s no secret that AI is taking over all kinds of industries, but have you ever thought about using it for personal finance advice? According to a recent survey from The Motley Fool Ascent, about 54% of Americans are already ahead of the curve, using ChatGPT for everything from credit card recommendations to finding the best mortgage lenders. And yeah, that’s a pretty big deal considering ChatGPT just launched to the public in late 2022. People are getting creative with their prompts, too—everything from “What’s the best travel rewards card?” to “How do I budget to buy a house?” Let’s dig into what’s going on and how people are using this tech to manage their money better.

 

1. General Financial Product Recommendations

Users typically start with broad requests about various financial products, especially focusing on credit cards but also covering other products like bank accounts, insurance, and loans.
Likely Prompts:
– “What are the best credit cards available right now?”
– “What’s a good debit card option with low fees?”
– “What’s the highest interest savings account I can open?”
– “Who are the top mortgage lenders for first-time homebuyers?”

 

2. Customized and Specific Queries

Once users know the basics, they often narrow down their options based on specific features like fees, rewards, or interest rates.
Likely Prompts:
– “What’s the best credit card with no annual fee and great grocery rewards?”
– “Which mortgage lenders offer the lowest current interest rates?”
– “What’s a good savings account with no minimum balance requirement?”

 

3. Complex Financial Scenarios

Some users dive into more detailed financial situations, using ChatGPT to guide them through things like home-buying, budgeting, or debt management strategies.
Likely Prompts:
– “How can I budget to save for a house?”
– “What steps do I need to take to buy a home?”
– “What’s the best way to pay off credit card debt?”

 

4. Comparison-Based Queries

A lot of users want to compare different options side by side, whether it’s for credit cards, insurance, or other financial products.
Likely Prompts:
– “Can you compare the best travel rewards credit cards?”
– “What’s the difference between term and whole life insurance?”
– “Which brokerage has the lowest trading fees?”

 

5. Verification and Logic-Based Queries

Users sometimes begin with prompts aimed at understanding the validity of the AI’s suggestions, ensuring they get accurate and logical advice right from the start.
Likely Prompts:
– “How do you choose the best credit cards?”
– “What criteria do you use to pick mortgage lenders?”
– “How do you determine the best savings accounts?”

 

6. Personalized Assistance Queries

Some users start with prompts that directly reflect their unique situations, aiming for tailored recommendations suited to their lifestyle and needs.
Likely Prompts:
– “What’s the best credit card if I travel a lot and dine out frequently?”
– “Can you recommend a bank account for a college student?”
– “What’s the best insurance option for someone with a high-risk job?”

 

The types of prompts Americans are using generally focus on obtaining tailored, specific financial advice, with a strong emphasis on credit card recommendations. Many also seek explanations and logic behind suggestions to build trust in the AI’s output. They utilize ChatGPT to compare options, strategize for complex financial goals, and verify information, reflecting a nuanced approach that blends technology with financial decision-making.

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