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GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice
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We assess the ability of GPT -- a large language model -- to serve as a financial robo-advisor for the masses, by using a financial literacy test. Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial literacy test, respectively, compared to a baseline of 33%. However, ChatGPT based on GPT-4 achieves a near-perfect 99% score, pointing to financial literacy becoming an emergent ability of state-of-the-art models. We use the Judge-Advisor System and a savings dilemma to illustrate how researchers might assess advice-utilization from large language models. We also present a number of directions for future research.
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From Information to Delegation: Mapping Human-AI Financial Decision Making
Across 1.5 million ChatGPT and Gemini chats in the US and India, consumers use AI overwhelmingly to inform and shape financial decisions, while delegation of financial execution remains rare.
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