New Experian research shows consumers are turning to tech for smarter budgeting, investing and credit score improvement

COSTA MESA, Calif.--(BUSINESS WIRE)--Oct. 31, 2024-- New Experian^®research released today highlights a strong interest among U.S. consumers in using generative AI for personal financial management. The global technology and data company surveyed consumers across the country to understand current perceptions about generative AI and how frequently Americans are tapping into the technology to manage their personal finances.

Key findings

• According to the research,¹ 63% of consumers are familiar with generative AI, including 84% of Gen Zers and 79% of millennials, and one-in-three say they’re using it to learn about a new topic or finances.
• Nearly half (47%) have or are considering using generative AI-powered tools to help with managing their personal finances — a sentiment that rings especially true for America’s youngest consumers, with 67% of Gen Zers and 62% of millennials stating they use the technology to manage their personal finances.
• Notably, among those who have used generative AI for personal financial management, an impressive 96% reported positive experiences and 77% stated they use generative AI for personal financial tasks at least once a week.

Why Gen AI?

In looking at why consumers are turning to generative AI for personal financial management, 67% said it helps them feel more productive or make decisions faster, and 38% stated they trust generative AI as much or more than human advisors.

Consumers said generative AI is most helpful for the following areas of their financial life:

• Saving and budgeting (60%)
• Investment planning (48%)
• Credit score improvement (48%)

“We know consumers are hungry for information and resources to improve credit scores and overall financial health,” said Christina Roman, Consumer Education and Advocacy Manager at Experian. “As we look ahead, we believe the responsible use of AI can help create new opportunities for consumers looking to improve their financial literacy and overall financial health.”

Experian’s tech tips for generative AI users

For consumers currently leveraging, or who are considering leveraging, generative AI to learn about or manage their finances or credit scores, Experian’s consumer education and generative AI experts recommend the following:

1. Don’t forget the basics: While there’s no question generative AI can be a helpful tool for managing your finances, consumers shouldn’t lose sight of the “old school” ways to protect their financial health and credit standing. This includes checking your credit report and scores regularly. You can get a free copy of your Experian credit report and FICO^® Score² updated daily at www.experian.com or via Experian’s free mobile app. Consumers can also get a free credit report from each of the three credit reporting agencies once a week at www.annualcreditreport.com.
2. Verify your findings: Generative AI tools are only as good as the information they consume and there’s no shortage of misinformation about managing your credit scores and finances that exists online. Always cross-check AI-generated financial advice with reputable sources. You can find answers to many personal finance and credit-building questions on Ask Experian — Experian’s free credit advice blog.
3. Be safe and use generative AI responsibly. Many of the generative AI tools that exist today collect and store user data. Be mindful of the personal information you share with generative AI tools to ensure your information is protected.

About Experian

Experian is a global data and technology company, powering opportunities for people and businesses around the world. We help to redefine lending practices, uncover and prevent fraud, simplify healthcare, deliver digital marketing solutions, and gain deeper insights into the automotive market, all using our unique combination of data, analytics and software. We also assist millions of people to realise their financial goals and help them to save time and money.

We operate across a range of markets, from financial services to healthcare, automotive, agrifinance, insurance, and many more industry segments.

We invest in talented people and new advanced technologies to unlock the power of data and innovate. As a FTSE 100 Index company listed on the London Stock Exchange (EXPN), we have a team of 22,500 people across 32 countries. Our corporate headquarters are in Dublin, Ireland. Learn more at experianplc.com.

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1} Experian commissioned Atomik Research to conduct an online survey of 2,011 adults throughout the United States. The margin of error is +/- 2 percentage points with a confidence level of 95 percent. Fieldwork took place between August 30 and September 3, 2024.
² Credit score calculated based on FICO Score 8 model. Your lender or insurer may use a different FICO^® Score than FICO^® Score 8, or another type of credit score altogether. Learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241031890350/en/

Amanda Garofalo
Experian Public Relations
1 714 460 3739
amanda.garofalo@experian.com

Source: Experian