Moneysmart, the consumer education platform run by the Australian Securities and Investments Commission (ASIC), has published new guidance to help Australians navigate the growing use of publicly available AI tools for financial information.
The guidance comes in direct response to rising AI adoption among Australian consumers, particularly younger generations. New research commissioned by Moneysmart found that nearly one in five Gen Z Australians (18%) are turning to AI platforms for financial information and guidance.
Almost two thirds (64%) said they trust AI platforms for money advice, including one in six (16%) who said they completely trust them, while nearly two thirds (63%) expressed confidence in the accuracy of financial guidance provided by AI tools.
Moneysmart is a free, independent consumer education platform operated by ASIC, Australia’s financial services regulator. For 15 years, it has helped Australians make better-informed financial decisions, providing guidance across a broad range of personal finance topics.
The newly published guidance explains that while general-purpose AI tools can be useful for learning and research on broad topics, they carry important limitations that could lead to inaccurate or inappropriate financial suggestions. The resource sets out examples of situations where AI may be helpful — such as summarising complex information or answering general money questions — and situations where consumers should seek further information from trusted sources or consult a licensed financial adviser.
The guidance emphasises that AI should always be cross-checked against trusted, independent sources before acting on any information provided. Moneysmart encourages consumers to research broadly rather than relying on a single source, whether AI or otherwise, when making decisions about their finances.
The publication of the AI guidance coincides with a broader refresh of the Moneysmart website, marking 15 years since the platform launched. The redesign is intended to make the site more accessible, engaging and relevant within an increasingly complex online financial environment, reinforcing its position as a trusted, free and independent resource for Australians.
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