Australians are increasingly turning to social media and artificial intelligence for financial information, leading to a watching by the country’s financial watchdog.
ASIC Commissioner Alan Kirkland acknowledged artificial intelligence models could be “useful as a source of general guidance on financial topics such as how does compound interest work? What is an ETF”.
“They’re not so good at giving you advice about how to invest your money, and we urge significant caution about that,” he said.
Mr Kirkland told a Senate estimates hearing on Friday many people were turning to AI and social media, and that the regulator needed to “acknowledged that as a reality”.
He said ASIC had released information about what questions AI…
