ChatGPT impact on money management, along with financial privacy and security concerns, examined in new report from Logica Research 

The latest Logica® Future of Money Study highlight report includes insights on financial account decision making, generational financial profiles, and attitudes toward using generative AI for financial advice

The latest Future of Money Study from Logica Research looks at awareness and usage of ChatGPT and generative AI on people’s money management, and includes a special report on financial account decision making with information on customers’ privacy and security concerns. The study also continues an examination of past, current and future financial trends and generational attitudes about money—providing in-depth knowledge of changing financial needs and the shifting financial landscape for financial brands, fintech and other growing organizations. 

Some highlights about work from the study findings include:

• The top reasons for opening a new account with a bank or credit union are low fees, savings rates and promotions.
  
  
• When it comes to messaging to potential new account openers, messages that focus on fraud protection are most important (36%).
  
  
• One in five (19%) of Gen Zers and Millennials would use ChatGPT or an AI-based tool for money management advice

Logica’s Future of Money Study, ongoing since 2017, provides brands with new, trending and historical insights and data on how people are working, spending, saving and investing. This wave of the study also gathered Americans’ views on using ChatGPT and generative AI for financial advice, plus a special report on financial account decision making. This special section shares reasons Americans open investment accounts, what products they’d prefer to have included, and how perceptions of privacy and security are impacting these decisions.

“In the fast-paced financial world today, it is crucial for businesses to stay abreast of the latest trends in order to effectively connect with their customers and devise strategies for their offerings and customer experiences,” said Lilah Raynor, CEO & Founder, Logica Research. “Companies can access our comprehensive Insights Kit to dig into  extensive insights that assist financial brands in achieving success across all dimensions of their business.”