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AI and personal finance: evaluating rules of thumb generated by ChatGPT

2025·0 Zitationen·International Journal of Bank MarketingOpen Access
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2025

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Abstract

Purpose The purpose of this article is to evaluate the information quality generated by ChatGPT on rules of thumb in personal finance. Design/methodology/approach Prompts were developed to ask ChatGPT questions regarding rules of thumb in personal finance. After several iterations, we selected seven rules of thumb and asked ChatGPT to provide more in-depth information. The information was evaluated by checking its accuracy and validity based on relevant peer-reviewed journal articles. Findings We found both advantages and limitations of using ChatGPT for information search. The advantages include its speed of information generation, width of topic generation, adaptivity to information demands, and provision of information sources. The limitations include the fact that the information may be fake, inaccurate, inappropriate, too general, or lacking academic journal sources. Originality/value This is the first attempt to use ChatGPT to generate relevant information regarding rules of thumb in personal finance, which provides experience and lessons for future researchers who will take similar approaches when conducting research.

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