Research by broker analysis site Investing in the Web found ChatGPT responded incorrectly to 35% of finance questions, raising concerns about its reliability for financial advice.
The study involved 100 finance and investment-related queries asked to ChatGPT.
The questions covered topics like saving for education, comparing pensions to salaries, and investing in gold.
While industry experts deemed 65% of the AI’s answers as correct, 29% were incomplete or misleading, and 6% were wrong.
This resulted in over a third of the answers being unsuitable.
Pedro Braz, CEO of Investing in the Web, said: “As with any other tool, ChatGPT serves its purpose if used in moderation.
“A good rule of thumb is to use it early in the research process, to help clarify terms or shed light on a general topic.
“Using it to ask more personalised questions is where the risk of miscommunication comes into play.
Braz added: “It is always advisable to ask for and check the listed sources from ChatGPT’s answers, and to cross-reference its main points with other trusted sites, especially when dealing with financial inquiries that may have a significant impact on our lives.
“For information and data that is subject to change such as interest rates, the current performance of specific stocks, or the average pension, it is usually best to go to the very source of the information, rather than asking AI chatbots for data, as ChatGPT has well-recognised issues with up-to-date information.
He said: “Overall, ChatGPT search is a welcome application that can save us a lot of time, but it can also misdirect us if we’re not careful while using it.
“Where the subject matter is as serious as personal finances, overuse of AI can have a significant negative impact.”
