Axios Live: AI seen as a tool to close financial literacy gap
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WASHINGTON – Financial help remains out of reach for many Americans, but AI could offer new pathways to close that gap, Rep. Josh Gottheimer (D-N.J.) said at an Axios Live event.
Why it matters: Gaps in financial literacy leave many Americans vulnerable to poor financial decisions. AI could expand access to guidance, improve decision-making and help more people manage their money effectively.
- Axios' Courtenay Brown, Ashley Gold and Neil Irwin hosted conversations with Gottheimer, Rep. Young Kim (R-Calif.) and Operation HOPE CEO John Hope Bryant. The April 21 event was sponsored by FICO.
What they're saying: "A lot of Americans have no access to financial assistance, and it's a huge issue because it leaves some out and they don't get the right advice, or any advice whatsoever," Gottheimer said.
- Bryant said financial literacy "used to be a poor person's issue, now it's a middle-class issue."
Gottheimer pointed out that people with no financial background can use AI to sort through questions that come up throughout life, such as how to invest properly, when to buy a house, etc.
Yes, but: AI could be a "double-edged sword," Kim said.
- "On one end, it provides access and opportunity, but on the other, it could be weaponized by bad actors to target Americans with more sophisticated scams," Kim said.
- Gottheimer said a challenge is to make sure people aren't getting "crazy information" from AI and to ensure that the advice is disclosed as coming from a bot.
Content from the sponsor's segment:
In a View From the Top conversation, Rukiya Kelly, FICO's head of corporate impact and engagement, discussed combating fake financial influencers and AI chatbots spreading misinformation as more consumers turn to social platforms for financial advice.
- "We have to, as credible organizations, reach people where they are," Kelly said. "If they are on those platforms, how do we get our credible information and trustworthy information to that consumer? I would say trust but verify."
