Artificial Intelligence and Financial Literacy: Bridging the Gap for A Digital Future
Year: 2024
Type: article
Abstract: Artificial Intelligence (AI) is revolutionising industries globally, including the financial sector. With the proliferation of AI technologies, an opportunity arises to address financial literacy challenges. Financial literacy, encompassing skills such as budgeting, investing, and personal finance management, is essential for economic well-being. Yet, a significant portion of the global population lacks these skills. This paper explores the intersection of AI and financial literacy, detailing how AI-driven tools can empower individuals to make informed financial decisions. The discussion covers the benefits of personalised financial education, enhanced accessibility, and the democratization of financial knowledge, alongside the risks, challenges, and ethical considerations of deploying AI for this purpose. Finally, it highlights future trends and the role of policymakers in fostering an equitable and secure AI-driven financial ecosystem.
Authors: Hiremani, Dr. Sunil, Uppar, Dr. Anand
Institution: BLDE (Deemed to be University)
Language: English
Subfield: Accounting
Domain: Social Sciences
Open Access status: green
OpenAlex ID: W6893279072
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