A recent BMO survey reveals that 37% of Americans are now using artificial intelligence (AI) to manage their finances, with Gen Z leading the way. The survey shows that AI is being used for various financial tasks, such as learning about personal finance (49%), creating or updating household budgets (48%), exploring new investment strategies (47%), building savings (47%), and updating financial plans (46%).
A fistful of profits – the good, the bad, and the ugly of savings and investing
Despite AI’s growing role, 64% of respondents believe it cannot fully understand how emotions influence financial decisions. Paul Dilda, Head of U.S. Consumer Strategy at BMO, highlighted the importance of combining AI with human advisors, noting that while AI offers valuable insights, managing money is also a deeply personal process shaped by emotions and experiences.
The survey also shows how AI is influencing other aspects of life. For example, 59% of Americans use AI to research topics of interest, and 39% use it for productivity planning, such as creating business, travel, and meal plans. AI is also playing a role in creative tasks, with 43% using it for drafting written content and 42% for editing photos and videos.
Gen Z stands out as the most active generation in using AI for financial management, with 61% leveraging AI for their finances. Additionally, 58% of Gen Z respondents believe AI can help them make more informed financial decisions.
To support customers in their financial journeys, BMO offers several AI-powered tools, including BMO Total Look for tracking financial information, BMO SmartProgress for personal finance education, and the BMO Real Financial Progress Hub for personalized advice. As AI continues to integrate into daily life, BMO emphasizes the value of combining AI with human expertise for more effective financial management.
