November is Financial Literacy Month in Canada and the official theme for 2023 is Managing Your Money in a Changing World.
Arguably, one of the biggest changes we’ve seen this year has been the explosion of Artificial Intelligence (AI) and tools like ChatGPT by OpenAI.
If you’re new to AI, I highly recommend listening to Freakonomics‘ three-part podcast series, How to Think About A.I., hosted by Adam Davidson (co-founder of NPR’s Planet Money, one of the OG financial podcasts).
I have used ChatGPT so often this year, I feel like a prompt engineer! Some of the ways Lauren and I have used it include:
- finding a recipe to use up remnants in the fridge
- planning a two-week travel itinerary in Spain, including navigating the Spanish train system
- helping brainstorm gift ideas that can be packed in a carry-on
- planning new running routes with little to no stoplights or intersections
- helping come up with ideas for card inscriptions
On a more serious note, AI has become a valued member of our team, helping us:
- initiate research on various financial topics
- brainstorm clever newsletter titles 😉
- summarize long articles into key take-aways
But can AI be used effectively to teach the next generation about money?
AI is prone to “hallucinations”. The models can generate false or illogical information that isn’t based on real data or events, but is presented as fact. Because the grammar and structure of these AI-generated sentences are so eloquent, they appear accurate. That means there’s still immense value in using trusted resources, like books written by actual humans, that provide well-researched, reliable information.
Whether you’re a parent or grandparent looking to instill financial wisdom in your children, or a financial advisor seeking a thoughtful gift for your clients, The Wisest Investment is a resource you will turn to again and again. Pick up a copy for Financial Literacy Month today!