As More U.S. Consumers Struggle with Rising Prices, Many Turn to Artificial Intelligence for Financial Advice
With prices on consumer goods increasing at the fastest rate in five months in July, the number of consumers in the United States classified as financially unhealthy1 has climbed to its highest level in 12 months, as measured by JD Power.
As these struggling consumers increasingly seek guidance on a wide range of financial topics from budgeting to investing, many are turning to artificial intelligence (AI) tools for help.
Financial Health Shows Strain
After June showed the best financial health metrics in over a year, the proportion of consumers who are financially vulnerable rose to 40% in July. That increase brings the total share of financially unhealthy consumers, defined as vulnerable, overextended or stressed, to 64%.
The persistently high price of consumer goods is at the center of this trend. Overall, 71% of consumers say the price of goods is increasing faster than their income in July, up from 66% in June. Vulnerable (82%) and stressed (85%) consumers have notably higher levels of concern regarding inflation.
AI Emerges as Consumer Financial Advice Tool
As consumers’ concerns about inflation persist, more than half (51%) say they are using AI to get financial advice or information.
When asked about which AI tools or platforms they use, more than half (52%) say ChatGPT. That number gets even bigger for respondents under age 40 (63%). Google Gemini is also popular with consumers over age 40 (23% vs. 15% of those under age 40).
When asked what they are using these tools for, 13% of consumers say they use AI for banking and financial services on a daily basis. That is the highest percentage of daily users among all other AI use cases. However, 27% of respondents say they never use AI tools for banking and financial services, which suggests that consumer AI adoption rates vary considerably.
Consumers most frequently ask AI about saving strategies (45%) and credit scores or credit cards (41%). Investing in the stock market (36%), budgeting or managing expenses (36%), and general financial education (36%) were also among the most sought-after financial topics when using AI.
What Role Should Banks Play in this Evolution?
As consumers continue to grapple with market headwinds and economic volatility, and popular culture news stories continue to extol the virtues of AI as a tool to hack everything from a to-do list to a stock portfolio, consumers will undoubtedly experiment with AI-driven banking and financial advice solutions. While this analysis did not track the use of bank-branded AI tools, it establishes an important baseline of consumer interest in technology that should be noteworthy to retail banks.
In times of economic uncertainty, consumers often turn to banks in the hopes of guiding them to solid ground. The current daily utilization of AI for banking and financial services tasks shows that consumers see value in these solutions. As banks hope to build better relationships with consumers, leveraging new technology and effectively building awareness behind it could be a key cog in building trust and might even help some consumers get a better handle on their financial health.
Find out More
This Banking and Payments Intelligence Report is based on responses from 4,000 consumers nationwide and was fielded in July 2025. It was authored by Jennifer White, senior director of banking and payments intelligence at JD Power. Please contact us at the numbers below to connect with Ms. White or to learn more about the underlying research.
Media Contacts
Brian Jaklitsch; East Coast; 631-584-2200; [email protected]
Joe LaMuraglia, JD Power; East Coast; 714-621-6224; [email protected]
[1] JD Power measures the financial health of any consumer as a metric combining their spending/savings ratio, creditworthiness, and safety net items like insurance coverage. Consumers are placed on a continuum from healthy to vulnerable.