Summary of Can Ai Help with Your Personal Finances?, by Oudom Hean et al.
Can AI Help with Your Personal Finances?
by Oudom Hean, Utsha Saha, Binita Saha
First submitted to arxiv on: 27 Dec 2024
Categories
- Main: Artificial Intelligence (cs.AI)
- Secondary: Computational Engineering, Finance, and Science (cs.CE); Machine Learning (cs.LG); General Economics (econ.GN)
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| Summary difficulty | Written by | Summary |
|---|---|---|
| High | Paper authors | High Difficulty Summary Read the original abstract here |
| Medium | GrooveSquid.com (original content) | Medium Difficulty Summary This paper investigates the potential of Large Language Models (LLMs) in addressing key challenges in personal finance, focusing on the United States. The authors evaluate leading LLMs, including ChatGPT, Gemini, Claude, and Llama, to assess their effectiveness in providing accurate financial advice on topics such as mortgages, taxes, loans, and investments. The study finds that these models achieve an average accuracy rate of approximately 70%, but also display notable limitations in certain areas. Specifically, they struggle with complex financial queries, with performance varying significantly across different topics. Despite these limitations, the analysis reveals improvements in newer versions of these models, highlighting their growing utility for individuals and financial advisors. |
| Low | GrooveSquid.com (original content) | Low Difficulty Summary This paper looks at how artificial intelligence (AI) can help people make smart decisions about money. The researchers test some advanced AI systems that can understand and generate human language to see if they can provide good advice on things like buying a house, paying taxes, or investing in stocks. They find that these AI systems are pretty good, with an average accuracy rate of 70%. However, they’re not perfect and struggle with tricky financial questions. The researchers think that these AI systems have the potential to be really helpful for people who need advice on personal finance. |
Keywords
» Artificial intelligence » Claude » Gemini » Llama
