AI Financial Advice: Supply, Demand, and Life Cycle Implications
First draft: November 2025. We thank John Beshears, James Choi, Anastassia Fedyk, Alberto Rossi, Jon Reuter, Darrell Duffie, Fiona Greig, Jonathan Parker, Chris Tonetti, Tony Cookson, Aizhan Anarkulova, Steffen Andersen, Antonio Coppola, Eric So, and conference and seminar participants at MIT Sloan, Vanguard, Stanford IFDM, Erasmus, CEPR Household Finance, SFS Cavalcade, FIRS, WFA, and the NBER Household Finance and Economics of Aging meetings, for helpful comments and feedback. An earlier version of this paper was circulated with the title “How Good is Generative AI Personal Financial Advice?.” The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.