• About 67% of polled Gen Zers and 62% of surveyed millennials are using artificial intelligence to help with personal finance tasks, according to a new report by Experian.
• Most use generative AI for finances at least once a week, the report found.
• While AI can be a useful starting point, there are a few things you need to consider, according to experts.

People are using artificial intelligence for tasks like writing and editing resumes and cover letters — and even to get personal finance advice. While some of those insights can be valuable, financial advisors caution that AI shouldn't be your only resource.

A new report by Experian found that 67% of polled Gen Zers and 62% of surveyed millennials are using artificial intelligence to help with their personal finances. Users say that generative AI tools like ChatGPT have helped in areas including saving and budgeting (60%), investment planning (48%) and credit score improvement (48%).

"It's free. It's more accessible. It simplifies complex tasks like creating a budget," said Christina Roman, consumer education and advocacy manager at Experian.

The survey polled 2,011 U.S. adults from August 30 to Sept. 3. The Gen Z respondents were ages 18 to 27 while millennials were ages 28 to 43.

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To compare, about 41% of Gen Xers surveyed, or adults ages 44 to 59, have used or considered using generative AI as a financial tool. The share is smaller for baby boomers surveyed (ages 60 to 78) at 28%. 

According to data Experian provided to CNBC, 98% of Gen Z adults and 98% of millennials had a positive experience with the software.

While using generative AI can help as a first step to drawing up a budget or figuring out how to increase your credit score, always verify the information through external resources, experts say.

"We see misinformation on financial matters all the time," said Dawn C. Abernathy, a certified financial planner at Core Planning in Chesterfield, Missouri. She also has a background in engineering and software management.

"From working in technology for a number of years and having to solve some very difficult problems … I'm going to vet any answer that comes out of any tool," Abernathy said.

Pros and cons of using AI for financial advice

Artificial intelligence can be useful or beneficial for "very simple answers," said Abernathy.

For instance, you can input what your monthly bills roughly come up to and ask the AI to create a budget that helps you save a particular amount of cash, Roman said. 

However, artificial intelligence tools may fall short when it comes to more complicated areas like investment advice and tax optimization. With those topics, AI could offer a starting point, but you'd benefit from a financial advisor to help you navigate specific questions and offer personalized advice, Roman said.

"When it comes to creating a solution for a client," Abernathy said, "I would not at this point trust an AI tool to really generate the final solution. I would absolutely have to check and vet that very carefully."

If you do plan to use AI tools, be careful about putting specific personal and financial details into the software. Otherwise, you put your privacy at risk.

"Make sure that you're being safe with the information that you're putting into AI," Roman said.

Vet answers from AI

If you plan to use AI for your finances, make sure to check the answers you get against other verified sources, experts say.

"The risk is leaning too heavily on something that you haven't researched," said Brenton Harrison, a CFP and founder of New Money, New Problems in Nashville, Tennessee. 

While the information provided by AI tools can be a great starting point, make sure to follow up with reputable sources and acquire personalized advice from experts like financial advisors and accountants.