The Challenge of Financial Literacy in Mexico
One of the major issues faced by Mexicans when managing and caring for their finances is the lack of financial education and habits to plan and record monthly movements.
According to data from the National Institute of Statistics and Geography (Inegi), less than 25% of adults in Mexico have basic knowledge of financial concepts, and only 24% has the habit of creating a monthly budget or recording their expenses and income.
The Role of Artificial Intelligence in Personal Finance
Artificial Intelligence (AI) platforms can provide personalized advice, organize budgets, and instantly answer personal finance-related questions, thereby promoting the digitalization of financial life.
What to Expect from AI in Personal Finance
Jorge Malanco, a director at the fintech Sistema de Transferencias y Pagos (STP), explains that the first step to using AI for improving financial habits and knowledge is having the willingness and open mindset to adopt technology.
“It’s normal to have some hesitation when adopting these technologies. I recommend conducting thorough research and comparing the tools offered by different AI platforms,” Malanco advises, adding that reading reviews from other users can help in making a decision.
Once an AI tool is started and its interaction mechanism is learned, it’s crucial to reflect on the functions it offers users and the outcomes that can be achieved with this tool, according to the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef).
AI-focused on personal finances can help users optimize resources, practice smart saving, manage debts better, and learn to recognize and prevent fraud or scams.
“Set short-term, medium-term, and long-term goals and be aware of whether AI usage is helping you achieve them and at what pace,” Malanco from STP emphasizes.
Naturally, it’s essential to avoid recording sensitive data like addresses, bank account information, or create anonymous email accounts if feeling more secure.
AI Tools for Financial Organization
Numerous AI services are available online, both free and paid. ChatGPT is the most famous one; although it can be instructed to organize expenses, perform calculations, or explain financial concepts, it has a daily query limit in its free version.
Other AI options like Gemini (Google’s AI), Perplexity, and the newly operational Apple Intelligence can also perform similar functions.
However, there are AI platforms specifically designed for personal finance management, expense and income tracking, and budget creation.
GoodBudget uses AI to allocate income across different spending categories and set limits. Pleo, another alternative, employs algorithms for personalized recommendations based on spending analysis.
A limitation of some AI-based personal finance apps is that they are developed by foreign developers and usually only offer English versions.
Another way to incorporate AI into daily financial life is by using chatbots that provide immediate advice and answer questions at critical moments.
Key Questions and Answers
- What can I expect from AI in personal finance? AI tools can offer personalized advice, help create and manage budgets, answer financial questions instantly, optimize resources, promote smart saving, assist in debt management, and help detect fraud or scams.
- Which AI tools can organize my finances? ChatGPT, Gemini (Google’s AI), Perplexity, Apple Intelligence, GoodBudget, and Pleo are some AI tools that can help manage finances. However, be aware that many are in English and developed by foreign developers.
- How can I safely use AI for finances? Avoid sharing sensitive data like addresses and bank account information. Consider using anonymous email accounts if you feel more secure. Always research and compare AI tools before choosing one.
