The Role of ChatGPT in Enhancing Financial Literacy and Education

Authors

  • Saumya Awasthi   Assistant Manager, Jaipuria Institute of Management, Lucknow

Keywords:

Financial Literacy, personalized learning, financial concepts, Artificial Intelligence, ChatGPT

Abstract

Everyone must be financially educated. It lets people to avoid financial risks, make sensible financial decisions, and invest for the future. However, many individuals lack the financial literacy necessary to make wise decisions, which can lead to debt, inadequate savings, and other monetary issues. Emerging technologies like ChatGPT offer individualized financial education and counselling, which could be a solution to this problem. This research article examines ChatGPT's potential as a tool for enhancing financial education and literacy. The current study examines into ChatGPT's advantages and disadvantages in the financial sector, as well as how well it can personalize learning, explain complex financial concepts, and provide specialized financial advice. The study also points out some potential issues and ethical quandaries with ChatGPT's capability to provide direction and instruction in financial affairs. The findings show that ChatGPT can considerably enhance financial education and literacy, but further research is necessary to properly comprehend how it might impact the financial services industry.

Downloads

Download data is not yet available.

Downloads

Published

2023-06-01

How to Cite

Awasthi, S. (2023). The Role of ChatGPT in Enhancing Financial Literacy and Education. Journal of Applied Management- Jidnyasa, 15(1), 13–18. Retrieved from https://simsjam.net/index.php/Jidnyasa/article/view/173072

Issue

Volume 15, Issue 1, January-June 2023

Section

Research Papers

References

Chen, L., Zhang, Y., Wang, T., & Sun, Q. (2021). Can chatbots improve financial literacy? Evidence from a field experiment with college students. Computers & Education, 158, 104120.

Gomber, P., Koch, J. A., & Siering, M. (2019). Chatbots in Finance: State-of-the-art and future directions. Journal of Business Research, 98, 365-380.

Kim, M., Lee, S., & Lee, J. (2021). The effects of chatbots on financial decision-making. Journal of Business Research, 128, 643-653.

Kostadinov, I., Stoyanova, T., & Todorova, G. (2020). The role of chatbots in financial education. Journal of Entrepreneurship Education, 23(2), 1-9.

Lusardi, Annamaria, and Olivia S. Mitchell. 2014. "The Economic Importance of Financial Literacy: Theory and Evidence." Journal of Economic Literature 52 (1): 34. http://dx.doi.org/10.1257/jel.52.1.5Chen, C.-M., Tsai, H.-H., & Liou, D.-M. (2020). The effects of financial chatbots on user financial literacy and perceived financial stress. Journal of Retailing and Consumer Services, 55, 102086. https://doi.org/10.1016/j.jretconser.2020.102086

Huang, Y.-C., Huang, C.-M., & Lai, M.-C. (2020). An NLP-based financial chatbot for improving users' financial literacy and confidence. Telematics and Informatics, 52, 101433. https://doi.org/10.1016/j.tele.2019.101433

Zhang, Y., Sun, Q., Chen, L., & Wang, T. (2021). Can chatbots help users create a better financial plans? Evidence from a field experiment. Journal of Interactive Marketing, 56, 1-14.