Gen Z are turning to AI for financial help

Gen Z are getting tech-savvy with their money-saving methods and turning to AI for help.

A recent study by Compare Club found that the majority of the younger generations (one in four) are leaning on artificial intelligence for budgeting advice.

One woman, who put AI to the test, lifted the lid on her experience with AU News.

She said it helped her gain a deeper understanding of concepts including bonds, mutual funds and index funds.

"While I haven’t started investing yet, I feel more knowledgeable when discussing finances with my investment-savvy friends," the 27-year-old said, adding that it helped her change her approach to money.

"I appreciate the straightforward layout and simplified explanations, which save me from sifting through numerous articles and conflicting advice," she told the outlet. "It enables me to have more in-depth conversations about finance due to the comprehensive answers it provides."

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It comes after 'loud budgeting' took over TikTok, encouraging the world to save money and not shy away from speaking about their finances.

"Loud budgeting is a new concept I'm introducing for 2024. It's the opposite of quiet luxury. But if you know any rich people, you know that they hate spending money so it's almost more chic, more stylish, more of a flex," TikToker Lukas Battle said in a viral clip that's racked up more than 1.4 million views.

"Let’s send a message to corporations about the national inflation level. Let’s take a stand," he continued. "It’s not 'I don’t have enough,' it’s 'I don’t want to spend.'"

He likened the money trend to "sneaking candy into a movie theatre" in that "you feel like you got away with something".

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