ChatGPT Investment Advice: In today’s digital age, ChatGPT and other AI platforms have become a part of people’s lives. Children are using them for school assignments. In offices, everything from emails to report preparation is now being done through AI. People are now seeking ChatGPT’s assistance in matters such as their health, career, and investments. But the question is whether these platforms should be completely trusted, especially when it comes to money and investments.
Don’t blindly trust AI
Using AI for every decision, big or small, can prove risky. There have been numerous cases around the world where people have questioned AI. For example, in one case, legal information provided by ChatGPT turned out to be fake, while in another, incorrect advice led to a person being hospitalized with a mental illness. Such a mistake in financial matters can be costly because AI is not a certified advisor.
Read Here: If A Tulsi Plant Grows On Its Own At Home, Know What It Signifies
AI is useful for research
You can use AI platforms for research, understanding market trends, or gathering basic information. Many investors use AI tools for stock market or risk analysis. However, it’s important to remember that these tools don’t always provide accurate or up-to-date information. The Markets in Financial Instruments Directive also states that AI is not certified to provide investment advice.
Is ChatGPT a financial advisor?
AI platforms like ChatGPT can certainly provide general advice on tax savings, budget planning, or financial discipline. However, they cannot replace a professional financial advisor. AI lacks a deep understanding of market risks, tax laws, or changing government policies. It often provides general answers based on average data. Therefore, blindly relying on them is risky. It’s always wise to seek the advice of a certified financial expert for investment or tax-related decisions.
Read Here: PAN-Aadhaar Link Deadline – How to Link PAN and Aadhaar Online by Dec 31, Direct Link Here
Experts offer advice
Kieran Garvey, a researcher at the Cambridge Center for Alternative Finance, says that while AI tools can be used for data analysis, their advice should not be considered reliable. Sometimes, AI provides suggestions that are neither practical nor accurate. According to him, if people use AI advice for financial planning, they could face serious financial risks. Therefore, such tools should only be used as a supporting tool, not as the basis for decision-making.
Caution will ensure safety
Use AI to make life easier, but excessive reliance on it in financial matters can be dangerous. Always make decisions regarding investments, insurance, or tax planning only after consulting experts. Limiting AI advice to preliminary information or research is best for your financial security.