What happened
This OECD Artificial Intelligence Papers policy brief (No. 62), published 21 July 2026, examines how consumers are increasingly using AI tools for financial decision-making, budgeting, credit management, investing and retirement planning. The paper finds that 'in 2025, over one third of individuals across OECD countries reported using AI tools,' with growing reliance on AI for personalised financial education and advice consumers might not feel comfortable seeking from a human advisor. It identifies key risks — hallucinations, bias, commercial influence blurring the line between personalised advice and general information, data privacy, and digital exclusion — and states plainly that 'AI is not a substitute for financial literacy.' Drawing on the OECD International Network on Financial Education (OECD/INFE), the report sets out specific financial literacy competencies consumers need and policy considerations for financial education responses.
Why it matters
Financial regulators and consumer-protection policymakers now have an OECD reference framework for the financial-literacy risks of AI-assisted advice, informing forthcoming supervisory guidance and disclosure requirements for AI-driven financial tools and robo-advisors.
Action needed
Map existing consumer-facing AI financial tools against the paper's risk taxonomy (hallucination, commercial influence, exclusion) and brief compliance/consumer-protection teams on the financial literacy competencies it recommends.