GPT has become financially literate: Insights from financial literacy tests of GPT and a preliminary test of how people use it as a source of advice
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Abstract (arXiv)
We assess the ability of GPT -- a large language model -- to serve as a financial robo-advisor for the masses, by using a financial literacy test. Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial literacy test, respectively, compared to a baseline of 33%. However, ChatGPT based on GPT-4 achieves a near-perfect 99% score, pointing to financial literacy becoming an emergent ability of state-of-the-art models. We use the Judge-Advisor System and a savings dilemma to illustrate how researchers might assess advice-utilization from large language models. We also present a number of directions for future research.
Key facts. Cited by 7 papers in the map (data through 14 Oct 2026). Builds on 8 of its 57 references that are in the map. First posted on arXiv 31 Aug 2023.
Builds on
8 of 57 references.
References · 8
- 2020Language Models are Few-Shot Learnerscited by 32,419
- 2022Training language models to follow instructions with human feedbackcited by 15,971
- 2023Sparks of Artificial General Intelligence: Early experiments with GPT-4cited by 2,592
- 2022Emergent Abilities of Large Language Modelscited by 2,512
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- 2023How is ChatGPT's behavior changing over time?cited by 270
- 2023Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Modelscited by 129
- 2023GPT as Knowledge Worker: A Zero-Shot Evaluation of (AI)CPA Capabilitiescited by 22
Built on by
Citing papers per year: 2024: 3; 2025: 1; 2026: 3.
7 papers.
- 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challengescited by 90
- 2024A Scoping Review of ChatGPT Research in Accounting and Financecited by 6
- 2025Exposing Product Bias in LLM Investment Recommendationcited by 6
- 2024Can AI Help with Your Personal Finances?cited by 4
- 2026From Information to Delegation: Mapping Human-AI Financial Decision Makingcited by 0
- 2026Trustworthy FinAInce: Unpacking How AI-Mediated Financial Advice is Judgedcited by 0
- 2026FairLMs: A Turnkey Library for Fairness in Language Modelscited by 0
- 2026FairLMs: A Turnkey Library for Fairness in Language Models18 Sep 2026
- 2026Trustworthy FinAInce: Unpacking How AI-Mediated Financial Advice is Judged17 Sep 2026
- 2026From Information to Delegation: Mapping Human-AI Financial Decision Making3 Aug 2026
- 2025Exposing Product Bias in LLM Investment Recommendation11 Mar 2025
- 2024Can AI Help with Your Personal Finances?27 Dec 2024
- 2024A Scoping Review of ChatGPT Research in Accounting and Finance7 Dec 2024
- 2024A Survey of Large Language Models for Financial Applications: Progress, Prospects and Challenges15 Jun 2024