Mexico | Analysis of the potential of AI in education and financial health

Summary

This document presents examples of the application of AI in the field of personal finance; it also calculates the financial literacy index using language models; and BBVA Mexico's financial education staff uses AI to analyze their debit or credit card statements.

Key points

• Key points:
• From Mexico, the average financial literacy score of the adult population in 2024 was 58 points out of 100, it is believed that a significant portion could benefit from the use of Artificial Intelligence (AI) as a support tool in personal finance management.
• The results suggest that AI is capable of correctly answering nearly 100% of basic questions about personal finance, particularly those related to savings, budgeting, credit use, and risk diversification included in the 2024 National Financial Inclusion Survey.
• When ChatGPT and Gemini were asked ten times how a financial specialist would respond to different questions from the financial literacy index, inconsistent responses were observed on the topic of informal savings. These differences seem to reflect the ongoing debate about whether informal savings is a good practice.
• Ten Financial Education specialists from BBVA México used ChatGPT or Gemini to analyze their expenses shown in credit and debit card statements. Three exercises were conducted: two focused on identifying expenses (using one and three statements, respectively) and one on requesting advice to reduce them. In this last exercise, nine participants rated the AI’s response as useful for improving their financial health, giving it a score of 7 or higher.
• After using AI to analyze account statement expenses with proprietary, standardized prompts, eight out of ten BBVA México Financial Education specialists gave a score of 7 or higher when asked whether they would recommend using Artificial Intelligence for account statement analysis.

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