AI and Your Money

Tue Sep 15 2026
AI and Your Money

Helpful Tool or Risky Co-Pilot?

Artificial Intelligence (AI) is becoming a regular part of everyday life, and increasingly, people are using tools such as ChatGPT, Copilot and Gemini to help with financial decisions. From researching KiwiSaver funds to understanding insurance options, AI gives consumers instant access to information that was once harder to find.

This trend is accelerating. According to EY research, more than 65% of consumers want to conduct investment research, make investment decisions and manage their financial wellbeing independently through digital channels, while 68% would be comfortable receiving AI-driven financial planning guidance.

But when it comes to your financial future, is AI enough?

The Benefits of AI

AI can be an excellent educational tool. It can:

Explain financial concepts in plain language
Compare investment and insurance options
Help you understand KiwiSaver and retirement planning
Generate useful questions to ask your adviser
Provide information whenever you need it, 24/7

Used well, AI can help people become more informed, engaged and confident about their financial future.

Information Isn't the Same as Advice

While AI can provide information, it doesn't understand your personal circumstances.

It doesn't know how comfortable you are with investment risk, what financial responsibilities you have, your family's needs, your health, or the goals and values that drive your decisions. A strategy that may be right for one person could be completely unsuitable for another.

The quality of AI's answers also depends heavily on the quality of the questions being asked. The challenge is that many people don't know what questions they should be asking in the first place.

Why Advice Still Matters

Quality financial advice is about more than selecting investments or insurance policies.

A financial planning professional helps uncover your goals, concerns, priorities and attitudes toward risk, then builds a strategy tailored to your circumstances. Often, the greatest value comes from the conversations that help identify opportunities, risks and objectives that may not have been obvious at the outset. Financial planning is about more than money – it’s about emotions, beliefs and values.

Interestingly, while consumers increasingly embrace AI, EY's research also highlights that trust remains the foundation of successful financial relationships. As financial decisions become more digital, consumers still value personalised guidance and meaningful advice that reflects their individual needs.

The Bottom Line

AI is a powerful tool and can be a great starting point for learning about investments, KiwiSaver, retirement planning and insurance. Informed clients often make better decisions, and using AI to research topics or challenge your thinking can add real value.

However, when it comes to important financial decisions, information alone is rarely enough. The best outcomes often come from combining the accessibility and insights of AI with the personalised guidance of a trusted financial adviser who understands your unique situation.

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