Most Americans view money as a private topic, and women are among those who hesitate the most when it comes to discussing financial matters. This reluctance can hold them back financially according to experts in finance. In an effort to help women get faster answers to their queries, Savvy Ladies – a non-profit organization aimed at helping females avoid similar situations experienced by its founder’s grandmother who stayed in an abusive relationship due to lack of financial resources – has launched a new AI chatbot powered by Microsoft Copilot. The tool enables website visitors to submit money related questions that will receive prompt answers pulled from articles penned by certified financial planners and other experts. At the end of each interaction, users are encouraged to sign up for one-on-one consultations with professionals through Savvy Ladies’ helpline who can provide personalized guidance on finances.
Experts have indicated that while AI language models could play a significant role in financial literacy going forward, they should not replace individual knowledge and decision making when it comes to money matters. Michael Roberts – the William H. Lawrence Professor of Finance at The Wharton School of University Pennsylvania – added that using such tools requires people with some basic skills: an ability to engage them by asking relevant questions in a way that can be understood, as well as comprehending responses received from these models.
Individual investors are already showing signs they’re starting to embrace AI-powered financial advice. According to the CFP Board – which represents professional financial planners – people trust such tools more than social media platforms for monetary recommendations but would still prefer their guidance confirmed by a certified expert before acting on it. The chatbot launched by Savvy Ladies has reportedly answered queries relating to monthly budget creation, better credit scores building and earning additional income since its launch last year according to Judy Herbst – executive director of the non-profit organization. In an effort to fine tune the tool further, Savvy Ladies is working on making it sound like a soft-spoken female voice that aligns with their mission as they seek ways to expand reach and provide services to those in need through AI technology.
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