Artificial intelligence (AI) has long since arrived in private financial matters. ChatGPT, Claude and other AI models can analyze stocks, compare ETFs and put together entire securities portfolios. According to a representative survey by the digital association Bitkom, one in four people in Germany has already asked an AI application for advice on financial matters.
A study by the auditing firm EY comes to the conclusion that 39 percent of those surveyed are already using AI to optimize their financial planning. However, there are also reservations: just under a quarter feel comfortable sharing account activities and expenses with an AI.
What studies show about AI investment tips
Scientific studies confirm that the AI models have considerable capabilities. According to a study by the Munich Ifo Institute, the historical performance of the portfolios that recommended 32 AI language models was able to keep up with professionally managed comparison portfolios.
Researchers at Stanford University in the US have also come to the conclusion that AI can provide absolutely useful financial tips. For example, the language models recommended building up financial reserves and investing the money widely on the stock market. However, the quality of the recommendations depends heavily on how users worded their questions.
Why the right questions are crucial
Stock exchange expert Joachim Nareike also emphasized how crucial the correct entries - so-called prompts - are in an interview with the ARD financial editorial team. "It's clear that you still enter your age correctly, but when it comes to your financial situation, it usually stops a bit because most people don't really know exactly what their own financial situation actually is."
In order to find a suitable investment strategy, it is not only important to know your income, expenses and existing reserves in detail. Personal risk tolerance is also important: How much can prices fall in the meantime without investors becoming nervous and possibly selling at the worst possible time? This plays a central role, especially in long-term retirement planning.
ESMA warns of risks with AI financial advice
But even with the correct information, caution is advised: AI can hallucinate, i.e. invent information or misrepresent connections - and sound extremely convincing. This can lead to incorrect investment decisions and financial losses.
The European securities regulator ESMA therefore warned as early as 2025 against relying solely on chatbots when investing. Their recommendations may be based on incorrect or outdated information. Additionally, publicly available AI applications are not subject to the same legal requirements as licensed investment advisors. Caution should also be exercised when passing on personal financial information.
Can advertising influence AI investment tips?
Consumer advocates see a further risk in the possible economic interests of AI providers. OpenAI has already introduced advertising in the free version of ChatGPT this year. “The more consumers find out about AI, the more interesting AI becomes for advertisers,” emphasizes Niels Nauhauser from the Baden-Württemberg consumer advice center in an interview with the ARD financial editorial team.
"And now the question is: Does advertising from product manufacturers influence the AI's response behavior at some point? So maybe life insurance is recommended because you are currently cooperating with a life insurer?" OpenAI expressly emphasizes that advertising has no influence on ChatGPT's responses. Ads would appear separate from the actual answers and would be clearly labeled. Advertisers would not be able to change the answers.
Where AI offers advantages over financial advisors
In addition, conflicts of interest are also a problem in traditional financial advice. "The status quo is that a lot of consumers turned to salespeople - I don't even want to say financial advisors, they are salespeople - for advice. And they then sold them products that were expensive, unprofitable and didn't work," emphasizes consumer advocate Nauhauser. He therefore also sees the language models as an opportunity, as they could enable investors to obtain information cost-effectively and independently.
In addition, different investment scenarios can be run through using language models. Capital market expert Nareike gives a simple example: "So quite classic: I'm 19 and have to work until I'm 67. How much money do I have to invest there every month so that I would be a millionaire? That's certainly something where AI can really help."
How AI can facilitate access to capital markets
This could particularly benefit people who have little money or little experience with securities. For them, AI could lower the barriers to entry in the capital market. Expert Nareike sees great potential here: "The capital market is being opened up to people who previously had no, wanted or could not have access to the capital market. And if this is used in a playful way, that's great. Relying on it one hundred percent would be a mistake."
AI can be useful as an introduction and as a guide. However, it does not relieve investors of responsibility for their own decisions.
