6 Reasons You Should Use an AI Financial Planner

Artificial Intelligence (AI) is no longer a thing of the future–it’s here and people are using it in numerous aspects of their lives, including how they plan their finances.

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While it’s always a good idea to exercise caution when using AI, especially around fact-checking advice or information, and nothing replaces the expertise of a human financial planner, AI financial planners are becoming more sophisticated.

Here are 6 reasons you should use an AI financial planner.

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When You Can’t Afford a Financial Planner

Every human financial planner charges differently and some will ask for an hourly fee, others will have financial planning packages you can purchase. If you just don’t have the money to spend, an AI financial planner is better than not getting any financial advice (fees and prices may also vary for AI financial planners).

Just be careful to fact check anything yourself before you make financial moves based on its advice.

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When You Have a Lot of Information To Sort Through

One of AI’s primary strengths is being able to analyze big sets of data quickly and efficiently. If you have a lot of financial information to sort through, an AI financial planner may be able to help you more quickly than a human. This could be anything from trying to figure out your total assets to helping with tax planning and much more.

When You Want To Consider A Variety of Scenarios

Let’s say you want to think through a variety of financial scenarios, such as how to save for multiple goals at the same time, such as retirement, buying a home and sending your kids to college. Or maybe you’d like to look at different savings goals for retirement based on whether you started saving at different ages.

You can ask an AI financial planner to consider different options with predictive savings goals and timelines to get a sense of which path might make the most sense for you.

To Analyze and Predict Economic Patterns

If you’re an investor, even at the most modest level, trying to figure out how to make changes to your portfolio based on economic factors, AI financial planners may be able to help by analyzing economic trends and data to give you a sense of possible moves to make that can pay off.

AI could also be useful in analyzing housing market trends and data if you’re interested in buying or selling a home or property. According to the Chicago Booth Review, the large language models of AI can even potentially predict market crashes.

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When You Need Stock Market Advice

While AI can’t give you insider information any more than humans can (legally, at least), it can analyze known information about various stocks and the companies behind them based on the criteria you’re seeking to help inform investing decisions.

As always, be very careful never to bet the house on something AI recommended and do your own research, but it may be a great way to narrow your decision-making process.

For Budgeting Tips

If you find yourself in need of budgeting advice, an AI financial planner can easily help you do such things as pick a budgeting method that works for you, find expenses to cut and even point you toward types of side gigs.

So long as you approach an AI financial planner with plenty of caution and never make a drastic move without double-checking that it’s not risky, this can be a great option for people who need some quick and low-cost financial planning help.

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This article originally appeared on GOBankingRates.com: 6 Reasons You Should Use an AI Financial Planner