As consumers embrace AI-powered money advice, the OECD calls for stronger financial literacy, human oversight, and verified financial content.
The OECD has warned that the growing use of AI in financial advice, while making financial guidance more accessible, could expose consumers to misleading information, biased recommendations and privacy risks.
In 2025, more than a third of people in OECD countries were using AI tools. Consumers are increasingly relying on AI to help with budgeting, debt management, investing, retirement planning, and understanding financial products, and some are even using it to ask sensitive financial questions that they might be hesitant to ask a human advisor.
The OECD said AI can simplify complex financial documents, personalize financial education and help consumers compare products. However, AI systems can create hallucinations, reproduce biases, and generate commercially influenced recommendations without users being fully aware of their limitations.
Conversational AI also has the potential to blur the distinction between general financial information and regulated professional advice. Consumers may act on recommendations that do not reflect their financial situation, objectives, and risk tolerance.
The report emphasizes that AI cannot replace financial literacy. Consumers should question AI-generated answers, review important information, and carefully evaluate requests for personal and financial data. The OECD also called on policymakers to promote digital and financial literacy, maintain human oversight, and ensure that AI tools are based on reliable information, noting that people with limited digital skills or internet access may need additional support.
Why is it important?
As AI becomes an increasingly popular source of financial guidance, inaccurate, biased, or commercially influenced recommendations can have a direct impact on consumers’ savings, debt, investments, and long-term financial health. Unlike many other AI applications, mistakes in financial advice can quickly lead to financial damage.
The report also highlights the growing need for AI governance that combines transparency, human oversight, and financial literacy. As AI tools play a growing role in everyday financial decision-making, it will become increasingly important for consumers to understand both the capabilities and limitations of AI.
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