Growing number of Americans turn to technology to help manage their finances

NEW YORK (CBS, KYMA) - From budgeting to investing to saving, a growing number of Americans are turning to technology, including AI, to help manage their finances.

A recent survey from Credit Karma finds 66% of adults have used AI to seek out financial advice, and that's even higher among younger generations as 82% of millennials and Gen Z say they've turned to AI for money guidance.

CBS News business analyst Jill Schlesinger weighs the pros and cons.

"I think AI can be great for general education. How do I read my pay stub? What's the difference between a Roth and a traditional IRA? But when you're making a big decision it is kind of scary to rely on AI which can hallucinate, and I have to also say that there is a concern about who much you're sharing on AI for privacy."

Jill Schlesinger, CBS News business analyst

Experts advise users to review privacy policies and settings on AI, avoid oversharing personal information, and treat the new technology as just one tool in your financial toolkit.