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Pawan Jain, Associate Professor of Finance, University of Michigan

When managing your money, take a chatbot’s ‘confidence’ with a grain of salt

Suzy Social Security
One out of every five Americans say they lost more than $100 by following financial advice from an AI chatbot, a 2025 survey found. Ant Rozetsky on Unsplash

Consider the following scenario. Suzy is 63, recently retired, and trying to decide when to start receiving Social Security and how to manage her retirement savings to minimize the tax hit.

She opens an AI chatbot, types in the details and gets a calm, well-organized and confident answer: Claim now, convert this much, here is the reasoning.

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