The Ultimate Guide to Credit Cards
Tuesday, June 18, 2024

About 20% of Americans Trust ChatGPT to Review Their Income Taxes

1 In 5 Americans Trust Chatgpt To Review Taxes
Jon McDonald

Written by: Jon McDonald

Jon McDonald
Jon McDonald

Jon McDonald brings more than 15 years of journalism expertise to CardRates.com. Informing financial consumers about emerging trends and companies making an impact in the industry, Jon is most knowledgeable in the areas of budgeting, credit card rewards, and responsible credit use; he strives to bring that experience to readers worldwide. Jon has a passion for writing and editing, and his articles have appeared in publications produced by The New York Times.

See full bio »

Edited by: Lillian Guevara-Castro

Lillian Guevara-Castro
Lillian Guevara-Castro

Lillian Guevara-Castro brings more than 30 years of editing and journalism experience to the CardRates team. She has written and edited for major news organizations, including The Atlanta Journal-Constitution and the New York Times, and she previously served as an adjunct journalism instructor at the University of Florida. Today, Lillian edits all CardRates content for clarity, accuracy, and reader engagement.

See full bio »

Reviewed by: Ashley Fricker

Ashley Fricker
Ashley Fricker

Ashley Fricker has more than a decade of experience as a finance contributor and editor, and has specialized in the credit card industry since 2015. Her credit card commentary is featured on national media outlets that include CNBC, MarketWatch, Investopedia, and Reader's Digest, among many others. She has worked closely with the world’s largest banks and financial institutions, up-and-coming fintech companies, and press and news outlets to curate comprehensive content and media. Ashley holds a bachelor's degree in multimedia journalism from Florida Atlantic University.

See full bio »

Our experts and industry insiders blog the latest news, studies and current events from inside the credit card industry. Our articles follow strict editorial guidelines.

Generative AI tools such as ChatGPT have created another means of obtaining financial guidance, including help with income taxes, and that’s exactly how some people are using the technology.

Our latest survey of more than 1,000 US adults revealed that Generative AI is guiding personal finance decisions more than other influences, and the results show that there’s significant trust in that guidance.

14% of Respondents Have Reviewed Taxes With ChatGPT

The survey of 1,015 US adults reports that 14% of those surveyed said they have used ChatGPT to review their income taxes. That number increases to 24% — or nearly one-quarter — of Gen Z and/or millennials who have now used ChatGPT to review their income taxes.

Consumers who trust ChatGPT for tax review graphic

But can Americans afford to trust ChatGPT’s results when it comes to their taxes? Apparently yes for the 19% surveyed who said they trust ChatGPT to review their income taxes. Trust increases among younger generations, with as many as 28% of Gen Zers and 34% of millennials surveyed saying they trust ChatGPT to review their income taxes.

21% of Respondents Trust ChatGPT for Financial Advice

Using ChatGPT for financial guidance doesn’t stop with taxes, but generative AI has yet to become the biggest source of personal finance advice. Humans still have the most power to influence money decisions.

The survey revealed that when seeking personal finance advice, 48% of Americans said they look to friends and family, 38% look to a certified financial expert, 29% use personal finance websites, 17% rely on experts with large followings, such as Dave Ramsey or Suze Orman, and 15% said they use social media platforms like TikTok and Instagram.

While advice from human sources still holds the most influence, more than 1 in 5 American adults (21%) surveyed said they trust ChatGPT to help them make financial decisions.

For example, 20% of survey respondents said they trust ChatGPT to do their household budgeting, and 17% said they have used ChatGPT to create a household budget. Of those who said they trust AI to make their household budget: 

  • 31% are Gen Z
  • 35% are millennials
  • 17% are Gen X
  • 5% are baby boomers
  • 4% are The Silent Generation

“Even though generative AI is still in its infancy, the survey results validate a new movement to rely on AI for financial influence, especially among younger generations,” said Ashley Fricker, Senior Editor with CardRates. “Moving forward, consumers should still corroborate results from AI, just as they should when getting financial information from social media. Plus, asking for human counsel would at least provide consumers with an avenue to go back and dispute that guidance.”

In Conclusion

While ChatGPT and other forms of generative AI are relatively new, people are working to find ways to incorporate them into daily life. Younger generations have been quicker to adopt these modern tools for financial purposes, including budgeting, advice, and even income tax review.

AI doesn’t currently have the same level of accuracy as tax software or guidance from a financial professional, so consumers should still scrutinize the results if they use it. Still, as ChatGPT technology advances, more demographics — and even more Gen Zers and millennials — should feel comfortable using it to free up time spent poring over their financial documents.

Methodology

A national online survey of 1,015 US consumers, ages 18 and older, was conducted by Propeller Insights on behalf of CardRates.com in February of 2024. Survey responses were nationally representative of the US population for age, gender, region, and ethnicity. The maximum margin of sampling error was +/- 3 percentage points with a 95% level of confidence.