A recent study shows that one-third of Canadians are using artificial intelligence to manage their finances. Whether or not that’s a good idea depends on how you use it. Chances are, you may already be using AI without even realizing it, thanks to budgeting apps like TD’s MySpend and RBC’s NOMI. These apps are great at spotting patterns in your spending and helping you create a budget. And that’s exactly what public AI chatbots are great for — taking objective data, like spending, and spitting out advice, like ways to cut costs. But when it comes to more subjective information and more personal, complex financial decisions like investing, AI chatbots can fall short. Experts say chatbots often offer generic advice not suited to individual investor needs and lack up-to-date market information needed for smart investing decisions like picking stocks. Still, there are AI-powered tools that can help you with more subjective investment advice, such as robo-advisors, which are available at some Canadian financial institutions. They blend AI with human expertise to create and manage investment portfolios tailored to your individual risk tolerance and needs, offering more reliable and customized advice.