Can AI Answer Money Questions? Test Chatbots

AI For Business

NEW YORK (Reuters) – Let’s be honest, we can all put our money to good use. So who better to ask for personal financial advice than some of the most powerful chatbots on the planet?

OpenAI’s ChatGPT and Google’s Bard both dominate recent headlines for their generative power and vast repository of information. Each has far more processing power than, say, a personal finance writer (ahem).

With that in mind, we asked AI Assistant – Slash-Overlord these classic personal finance questions.

What is one good business idea?

Entrepreneurs are always looking for the next big thing. ChatGPT was surprisingly specific on this subject. “One idea is to start a subscription-based meal delivery service that caters to customers with specific dietary needs and preferences, such as vegan, gluten-free, or low-carb diets.”

Bard doesn’t like to be limited to one option. I prefer lists even when asked to do so. Ideas for walking the dog, translating, “flipping websites” and even functioning as a virtual assistant were born.

Which town should you move to to save the most money?

With the rise of pandemic-era remote work, many Americans are considering relocating to lower-cost locations. ChatGPT singled out Fort Wayne, Indiana and Knoxville, Tennessee for affordability and a growing job market praised both.

Bard also likes Fort Wayne, but added a few other suggestions. Henderson, Nevada. Sioux Falls, South Dakota. Wichita, Kansas. and Oklahoma City.

Which dividend stocks are most attractively valued?

ChatGPT praised telecommunications giant AT&T (TN) for its cheap index, emphasizing that as an AI language processor it “cannot provide personalized investment advice or predict stock performance.” . A lower-than-average price-to-earnings ratio and a 7.1% dividend yield caught the attention of chatbots.

Chatty Bird, meanwhile, agreed with AT&T’s choice, but also Verizon (VZ.N), Procter & Gamble (PG.N), 3M (MMM.N) and Johnson & Johnson (JNJ.N). also added. bargain stocks.

Which growth stocks have the most attractive valuations?

ChatGPT crunched the numbers for this question and came up with the familiar name Amazon (AMZN.O). The e-commerce giant is touting attractive sales prices and book price metrics after his difficult year.

Bard also mentioned Amazon, but also Apple (AAPL.O), Tesla (TSLA.O) and (perhaps unsurprisingly) Google’s parent company Alphabet (GOOGL.O). Well below the five-year average.

Can you give me one idea for a growing career field?

Many Americans seem to be switching careers these days. Either voluntarily by resigning or forced to do so due to layoffs. ChatGPT tells you to consider areas of data science and analytics, specifically roles like data analyst and machine learning engineer.

Bard’s proposition is a little broader, encouraging people to consider becoming nurse practitioners, software developers, social media managers, and even solar installers.

Which university is the most cost-effective?

I was particularly interested in this, as my own teenagers are going to college in the fall.

But Bird had his own ideas. The University of Washington, CUNY Brooklyn, Purdue University, University of Florida Gainesville and Oklahoma were selected as offering an attractive combination of quality and value.

Where are the cheapest options for summer?

Bard wasn’t much help here. He suggested banking with friends and family or arranging a ‘staycation’, which was largely uninspiring. But ChatGPT had specific ideas for affordable summer travel. Great Smoky Mountains National Park, Myrtle Beach, South Carolina, and Austin, Texas.

Can money buy happiness?

I couldn’t leave my new AI friend without asking deeper questions about money and its role in our existence. ChatGPT admitted that it can be a factor in a happy life. We provide educational and experiential opportunities. ”

But Bard was a little more declarative on the subject. Cash doesn’t give us the ultimate satisfaction we seek.

“Money can’t buy happiness itself,” it told me. “Happiness is a state of mind that comes from within. It cannot be bought or sold.”

Edited by Lauren Young and Daniel Wallis Follow @ReutersMoney

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Opinions expressed are those of the author. They do not reflect Reuters News’ commitment to integrity, independence and freedom from bias under its Trust Principles.

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