Australian Securities & Investments Commission adds Moneysmart guidance on using publicly available AI tools for money questions

The Australian Securities & Investments Commission (ASIC) has published new consumer guidance on its Moneysmart website to help Australians who use publicly available, general-purpose AI tools to find information about financial issues. The guidance responds to research commissioned by Moneysmart indicating growing reliance on AI platforms among Gen Z Australians, with 18% using AI for financial information and guidance, 64% saying they trust AI for money advice (including 16% who completely trust it), and 63% expressing confidence in the accuracy of AI-provided financial guidance. Moneysmart’s guidance highlights limitations that can lead to inaccurate or inappropriate suggestions, provides examples of when AI may be helpful (such as summarising complex information or answering general money questions), and sets out when consumers should seek further information from trusted sources or advice from a licensed adviser. It also stresses that any AI output should be checked against trusted, independent sources before acting. ASIC also pointed consumers to a refreshed version of the Moneysmart website, marking 15 years since the platform began providing free, independent consumer education.