Learning From AI-Generated Financial Educational Content: Impacts on Subjective Knowledge and Financial Well-Being

Abstract

This study investigates whether generative AI educational content, specifically ChatGPT-generated financial education materials, can enhance self-reported financial knowledge and well-being in the domains of budgeting, debt management, and investing. Using an experimental design, we find that AI-generated financial educational content increases self-reported knowledge, but the benefits are unevenly distributed: individuals with higher baseline financial literacy gain more than those with limited prior knowledge. Mediation analyses further show that these perceptual gains do not consistently translate into improvements in financial well-being, particularly, in the context of debt stress, where worry continues to exert a strong negative influence. Together, the findings underscore both the promise and the limitations of generative AI in financial education, highlighting the need for more inclusive, adaptive, and emotionally supportive interventions.