What is it about?
This article is to provide an example to demonstrate what are potentials in applying generative AI tools in financial literacy research.
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Why is it important?
Drawing on data from the National Financial Capability Study (NFCS), we show that ChatGPT can assist in identifying patterns, performing analysis, and interpreting key findings related to household financial knowledge and behavior. While financial literacy remains a critical domain for public policy, the analytical methods demonstrated here—such as language model-assisted variable summarization, regression interpretation, and cross-group comparison—extend broadly to other areas of consumer finance research.
Perspectives
While models like GPT streamline tasks such as text analysis and hypothesis generation, overreliance risks shallow reasoning, bias, and challenges in reproducibility—underscoring the need for responsible use.
Dr. Jing Jian Xiao
University of Rhode Island
Read the Original
This page is a summary of: Applying Generative Artificial Intelligence in Financial Literacy Research: A Demonstration, Journal of Financial Counseling and Planning, July 2025, Springer Publishing Company,
DOI: 10.1891/jfcp-2025-0094.
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