By Michael Nedreski

Artificial intelligence is no longer a futuristic concept. It’s here, and it’s transforming the way we live and work. From boosting productivity to reshaping how we make decisions, AI is influencing nearly every industry, including the world of finance. As the connection between AI and finances continues to grow, so do the questions and concerns around its impact.

These concerns parallel other debates about AI’s effect on jobs, algorithms, and accountability. But now, especially since it appears to be here to stay, it’s time to look into the effects AI could have on specific parts of everyday life, including our money.

In this post, we look at the current state of AI, its pros and cons, and practical advice on how to work with AI and finances. Because working against it is no longer an option.

Where AI Stands in 2025

After consumers got to know AI through Alexa and Google Assistant in the 2010s, they were introduced to ChatGPT when it became widely available in 2022. AI image generators like Midjourney emerged to create art from user ideas. 

In 2023, Microsoft embedded Copilot within Office applications. Google likewise integrated Duet AI in its Docs, Gmail, and Sheets programs. Today, AI is standard in most platforms, driving advances in customer service, content, medicine, and financial modeling.

AI is now experiencing an adoption surge among small businesses, entrepreneurs, and other professionals. While tech leaders are trying to present AI as a tool or virtual assistant, concerns still linger about its chances of overtaking human thought and the relationship between AI and finances.

Pros of AI

Without question, AI offers users real benefits:

• It saves time in routine tasks like email, data entry, and client relations.
• It enhances creative projects and can facilitate brainstorming sessions.
• It can simplify complex processes like budgeting, researching investments, and analyzing businesses.
• It can render personalized consumer recommendations for advertising, fitness, and finances.
• It can help small businesses stay in step with larger and corporate entities.

With its expansion, AI is in a position to increase and expedite its influence in the coming years.

Cons of AI

Some of the drawbacks of AI include:

• Over-reliance on automation of tasks
• Erosion of a human’s critical thinking skills
• Concerns about cybersecurity and privacy
• Misinformation and inaccurate responses, including AI “hallucinations”
• Threats of job replacement in certain industries
• Ethical arguments about AI replacing human interactions and creativity

Despite tech leaders’ attempts to temper these concerns, they’re legitimate and worthy of discussion.

Tips for Navigating AI in Daily Life

The key to using AI well is to treat it like a tool, like a smartphone or appliance. Many AI apps are great research assistants. But that’s the most they should be: assistance. AI should not replace human decision-making. Learning basic AI prompts (like drafting emails or summarizing reports) is extremely helpful.

As with any form of tech, AI users need to stay current on updates and changes in privacy terms and settings. Business owners looking into AI need to vet their tools for accuracy and potential bias. Professionals are advised to work on some human skills that AI can’t replicate: empathy, ethics, and strategic and critical thinking.

AI and Finances: How to Use Them

There are several ways to effectively incorporate AI and finances. Consumers can use it to track expenses and create budgets. They can suggest how much to save each month. Robo-advisors can build and manage investment portfolios. AI assistants can help you make retirement plans, file taxes, and monitor credit and debt management.

However, remember that AI is not a replacement for personal fiduciary guidance. Always double-check any investment tips it provides. It can’t be relied on as a stock predictor, and it can’t take the lead on estate planning, taxes, or major investments; those are still the domain of experienced human professionals. 

White Oak Wealth Partners: The Human Edge

While AI and finances may now be forever linked, White Oak Wealth Partners helps real people make solid investment choices based on their situations and needs. Clients contact us for the attention and concern only humans can deliver.

To get started, contact us by calling 814-835-4551, emailing MICHAEL.NEDRESKI@LPL.COM, or scheduling an appointment here.

About Michael 

Michael Nedreski is Founder and Independent Wealth Coach at White Oak Wealth Partners, a specialized financial lifestyle and wealth management firm serving entrepreneurs, business owners, executives, and their families. Mike has 30-plus years of experience in the financial services industry and is committed to serving his clients through holistic financial planning, disciplined investment strategies, and proactive personal service. 

A native of Erie, Pennsylvania, Mike began his career in the financial services industry in 1988. He has earned the Chartered Retirement Planning CounselorSM (CRPC®) designation conferred by College for Financial Planning (188-LPL). Mike is also an active member of the Financial Services Institute (FSI) and Financial Planning Association (FPA).

When not working, Mike enjoys spending time with his wife, Amy, and their children. He volunteers in his community and at his church and his children’s schools. An outdoors enthusiast, Mike loves hunting, fishing, golfing, and spending time near or on the water. He also enjoys working out and watching some of his favorite sports teams, the Pittsburgh Pirates and the Cleveland Browns. To learn more about Michael, connect with him on LinkedIn.