Finance companies certainly use artificial intelligence for underwriting and other analytical chores.

The BMO Real Financial Progress Index revealed a growing number of Americans — notably Gen Z — is increasingly using AI, too, for management of finances and investments.

Among the 37% of Americans using AI to help manage their finances, BMO Financial Group discovered the most common uses include:

—Learning more about personal finance topics: 49%

—Creating and/or updating household budgets: 48%

—Identifying new investment strategies: 47%

—Building savings: 47%

—Creating and/or updating their financial plans: 46%

While AI is helping Americans manage some aspects of finances, BMO also found that around two thirds (64%) said AI cannot understand how emotions influence financial planning.

“AI offers great potential in the way we handle our finances, providing real-time insights and analysis. However, managing money is more than analytics; it is a deeply personal relationship shaped by emotions, experiences, and unique life circumstances,” said Paul Dilda, who is head of U.S. consumer strategy at BMO.

“While AI handles technical aspects and routine tasks, a professional advisor brings a human touch, offering personalized guidance and understanding. Together, they create a holistic approach to financial management, ensuring more Americans stay on track towards their goals and make real financial progress,” Dilda continued.

The BMO survey also highlighted how AI is continuing to shape how Americans learn, work, and communicate, including:

—Reshaping research: Nearly three in five (59%) are using AI to ask questions about topics of interest and 40% are using the technology for data analysis.

—Productivity planning: 39% leverage AI to build business, travel, exercise and meal plans and/or manage their schedules.

—Changing content creation: Many Americans are using AI in their creative process including developing written drafts (43%) and photo and/or video editing (42%)

—Accessible intelligence: More than half believe AI can help people make more informed financial decisions (53%) and makes financial planning more accessible for everyone (52%).

—Optimistic outlook: Among Americans not using AI for their finances, nearly a third are considering using the technology to learn more about personal finance topics (32%), increase their savings (31%), find new investment strategies (29%), create and/or update their household budgets (29%) and financial plans (27%), and/or for retirement planning (27%).

And BMO elaborated about what its newest research indicated about the youngest consumers who can be active in the credit market.

As Gen Z Americans begin navigating life changes, BMO said most are leveraging AI to plan for upcoming financial milestones — more than any generation.

The survey showed Gen Z individuals are the most likely to use AI to ask questions about topics of interest (82%), create written drafts (75%), build business, travel, exercise and/or meal plans (67%), and manage their finances and investments (61%).

In the last six months, BMO reported 22% of Gen Z needed to make a large purchase such as a car or home, while 18% attended university or college, 15% switched jobs, and 13% started a business.

However, the survey showed 85% of Gen Z said concerns about their overall financial situation is the leading source of financial anxiety, followed by fear of unknown expenses (80%), housing costs (79%) and keeping up with monthly bills (76%).

BMO added that 58% of Gen Z individuals believe AI can help people make more informed financial decisions and 55% are confident AI tools can help them make real financial progress.

Launched in February 2021, the BMO Real Financial Progress Index is designed to be an indicator of how consumers feel about their personal finances and whether they are making financial progress.

“The index aims to spark dialogue that will help consumers reach their financial goals and to humanize a topic that causes anxiety for many — money,” BMO said.