Maybe don’t ask Google’s AI questions when it comes to your finances. Matt G. Southern posted over at SearchEngineJournal.com about a study by The College Investor.
Out of 100 personal finance searches, 43% had misleading or incorrect information.
I have noticed this myself, I was not asking AI overview a question but it showed up on top of a search query. I was like that’s not right, and it’s not a hard question.
From the study:
Key Findings
The study evaluated AI overviews across various financial topics, including banking, credit, investing, taxes, and student loans.
The results showed:
- 57% of Google’s AI overviews were accurate
- 43% contained misleading or inaccurate information
- 12% were completely incorrect
- 31% were either misleading or missing crucial details
Queries Google AI Got Right
- Basic definitions and explanations: For example, “What is a wire transfer?” and “How does a credit card work?”
- Simple, straightforward questions: Such as “Do I have to pay back student loans?”
- Recent trending topics: Like “What was the Chase Glitch?”
- General insurance questions: For instance, “When should I get life insurance?”
Queries Google AI Got Wrong
- Complex tax topics: For example, “Can you use a 529 plan for a Roth IRA?” and “Does owning your house in an LLC help with taxes?”
- Nuanced financial products: Such as “Is an IUL better than a 401k?”
- Time-sensitive information: Like outdated student loan repayment plans or savings account rates.
- State-specific financial rules: For instance, misrepresenting California’s 529 plan rules.
- Questions requiring context-dependent answers: Such as “Can I file as independent for FAFSA?”
- Queries about financial limits or thresholds: For example, incorrect IRA contribution limits.
- Complex student loan topics: Particularly around forgiveness programs and repayment plans.
- Investment comparisons: Like “Are annuities better than CDs?”
What This Means
Google’s AI performs well at giving straightforward answers to factual queries.
On the other hand, it struggles with nuanced understanding, up-to-date information, and consideration of multiple factors.
This suggests that the AI can handle basic financial literacy topics, but it’s unreliable for complex financial decisions or advice.
Read full story
Source: TheDomains
Read other news at our blog.
