Unless you’ve been living under a rock, you’ve probably heard a thing or two about AI and how it will affect work and productivity. No matter what financial wellness solution an employer may offer, their employees will also benefit from increased access to a “personal assistant” powered by AI. 

‍The Opportunity‍

Many individuals today who are struggling financially fall prey to predatory lending practices that end up costing them more in interest over time. Payday loans, Buy Now, Pay Later services, and introductory credit card offers all promise something, but often without the appropriate accompanying warnings.

‍The Trend

Now that AI is mainstream, any consumer can drop a credit card agreement, loan document, or other contract into ChatGPT and ask it to break the jargon down into easy-to-understand terms. Though AI can still make errors, and it won’t be foolproof, this initial test may help consumers understand the risks and benefits of different products and protect them from making unnecessarily bad choices. 

The Bottom Line‍

Correctly applying tools like ChatGPT to read the fine print and explain complicated concepts could be revolutionary in protecting consumers from disguised interest rate hikes, predatory loans, or other financially harmful products. Encouraging employees to leverage these tools should be part of an overall strategy to help your workforce avoid bad debt and build a healthy financial future.