BMO Survey: More Than a Third of Americans Using AI to Manage Finances

• 61% of Gen Z use AI to help manage their finances and investments – more than any other generation.

• 64% do not believe AI understands how emotions influence financial planning.

The BMO Real Financial Progress Index reveals a growing number of Americans, notably Gen Z, are increasingly using artificial intelligence (AI) to help manage their finances and investments.

Among the 37% of Americans using AI to help manage their finances, the most common uses include learning more about personal finance topics (49%), creating and/or updating household budgets (48%), identifying new investment strategies (47%), building savings (47%), and creating and/or updating their financial plans (46%). While AI is helping Americans manage some aspects of finances, around two thirds (64%) say AI cannot understand how emotions influence financial planning.

“AI offers great potential in the way we handle our finances, providing real-time insights and analysis. However, managing money is more than analytics; it is a deeply personal relationship shaped by emotions, experiences, and unique life circumstances,” said Paul Dilda, Head, U.S. Consumer Strategy, BMO. “While AI handles technical aspects and routine tasks, a professional advisor brings a human touch, offering personalized guidance and understanding. Together, they create a holistic approach to financial management, ensuring more Americans stay on track towards their goals and make real financial progress.”

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How Americans Are Using AI

The survey highlights how AI is continuing to shape how Americans learn, work, and communicate, including:

• Reshaping Research: Nearly three in five (59%) are using AI to ask questions about topics of interest and 40% are using the technology for data analysis.
• Productivity Planning: 39% leverage AI to build business, travel, exercise and meal plans and/or manage their schedules.
• Changing Content Creation: Many Americans are using AI in their creative process including developing written drafts (43%) and photo and/or video editing (42%)
• Accessible Intelligence: More than half believe AI can help people make more informed financial decisions (53%) and makes financial planning more accessible for everyone (52%).
• Optimistic Outlook: Among Americans not using AI for their finances, nearly a third are considering using the technology to learn more about personal finance topics (32%), increase their savings (31%), find new investment strategies (29%), create and/or update their household budgets (29%) and financial plans (27%), and/or for retirement planning (27%).

The AI Generation Gap

As Gen Z Americans begin navigating life changes, most are leveraging AI to plan for upcoming financial milestones – more than any generation. Gen Z are the most likely to use AI to ask questions about topics of interest (82%), create written drafts (75%), build business, travel, exercise and/or meal plans (67%), and manage their finances and investments (61%).

In the last six months, 22% of Gen Z needed to make a large purchase such as a car, home, etc., 18% attended university or college, 15% switched jobs, and 13% started a business. However, 85% of Gen Z say concerns about their overall financial situation is the leading source of financial anxiety, followed by fear of unknown expenses (80%), housing costs (79%) and keeping up with monthly bills (76%).

58% of Gen Z believe AI can help people make more informed financial decisions and 55% are confident AI tools can help them make real financial progress.

Making Real Financial Progress with BMO’s Digital Tools

Among the 89% of Americans who believe they are making real financial progress (4+ on 10-pt scale), 82% are confident in their financial situation and 45% believe AI-powered tools can help them make real financial progress.

BMO offers the following savings tools and resources to help customers:

• BMO Total Look: Customers can easily view, track and manage their BMO and non-BMO financial information, including mortgages, checking and savings accounts, credit cards, investments, loans and more.
• BMO SmartProgress: A free online personal finance education platform that breaks down complex financial concepts like investing, retirement planning, homeownership and credit management.
• BMO CreditView: No-fee, no-impact access to your credit score so you can start monitoring and building credit to potentially save more by getting better interest rates on a home or auto loan.
• BMO Savings Builder Account: Receive rewards for reaching specific savings milestones, set and track personalized financial goals and monitor progress.
• BMO Real Financial Progress Hub: A free digital resource that allows customers to easily access personal finance advice and guidance, as well as tools and resources to reach their own specific financial goals.

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