Moneysmart, the consumer education platform operated by the Australian Securities and Investments Commission (ASIC), has published new guidance to help Australians navigate the growing use of publicly available artificial intelligence tools for financial information.
The guidance comes in direct response to a significant shift in how younger Australians are seeking financial information.
New research commissioned by Moneysmart revealed that nearly one in five Gen Z Australians (18%) are already turning to AI platforms for financial information and guidance. Further, almost two thirds (64%) say they trust AI platforms for money advice — including one in six (16%) who say they completely trust them — while nearly two thirds (63%) express confidence in the accuracy of financial guidance provided by AI platforms.
Moneysmart is ASIC’s flagship consumer finance website, designed to help Australians make better-informed financial decisions. Since its launch 15 years ago, the platform has served as a free and independent resource, offering guidance across a broad range of personal finance topics.
The newly published guidance addresses both the potential uses and the limitations of general-purpose AI tools in a financial context. It acknowledges that AI can be a useful learning aid — for example, summarising complex information or answering broad money questions — but cautions that these tools carry important limitations that could lead to inaccurate or inappropriate suggestions when used for specific financial decisions.
The guidance sets out clear examples of when AI may prove helpful and when users should seek further information from trusted sources or consult a licensed financial adviser. It stresses that any information provided by AI tools should always be verified against trusted, independent sources before acting upon it.
The publication of this guidance coincides with a broader refresh of the Moneysmart website itself. Marking 15 years of operation, the platform has undergone a comprehensive redesign intended to make it more accessible, engaging, and relevant in an increasingly complex online financial environment.
ASIC is encouraging Australians to take a fresh look at the updated Moneysmart platform. The refresh is designed to ensure the site remains a trusted, free, and independent alternative that helps Australians make financial decisions in their own interests, rather than those of product sellers.
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