"Artificial intelligence chatbots are giving inaccurate money tips, offering British consumers misleading tax advice and suggesting they buy unnecessary travel insurance, research has revealed. Tests on the most popular chatbots found Microsoft's Copilot and ChatGPT advised breaking HMRC investment limits on Isas; ChatGPT wrongly said it was mandatory to have travel insurance to visit most EU countries; and Meta's AI gave incorrect information about how to claim compensation for delayed flights."
"Google's Gemini advised withholding money from a builder if a job went wrong, a move that the consumer organisation Which? said risked exposing the consumer to a claim of breach of contract. Which? said its research, conducted by putting 40 questions to the rival AI tools, uncovered far too many inaccuracies and misleading statements for comfort, especially when leaning on AI for important issues like financial or legal queries."
"Meta's AI received the worst score, followed by ChatGPT; Copilot and Gemini scored slightly higher. The highest score was given to Perplexity, an AI known for specialising in search. Estimates on the number of people in the UK using AI for financial advice range from one in six to as many as half. When asked about their experiences, Guardian readers said they had recently used AI to find the best credit cards to use abroad,"
Popular AI chatbots provide inaccurate and misleading advice on financial, tax, travel, and legal matters. Tests of major chatbots showed Microsoft Copilot and ChatGPT advised breaking HMRC ISA investment limits; ChatGPT incorrectly asserted travel insurance was mandatory for most EU visits; Meta's AI gave wrong guidance on claiming compensation for delayed flights; and Google's Gemini suggested withholding payment from a builder, potentially constituting breach of contract. Performance varied, with Meta scoring worst and Perplexity highest. Estimates place UK use of AI for financial advice between one in six and half the population, and individual users reported receiving out-of-date tax codes.
Read at www.theguardian.com
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