Nearly three-quarters of Americans expect inflation and everyday costs to be major factors in their financial well-being this year, and a growing number are counting on artificial intelligence to help them steer through it.<\/p>\n
While people are worrying about making ends meet, more than 7 in 10 feel optimistic about their financial future, according to new Bank of America data<\/a>.<\/p>\n \u201cAmericans are prioritizing financial health at about the same rate as physical and mental well-being,\u201d Lora Monfared, head of consumer credit card products at Bank of America, told Yahoo Finance.<\/p>\n It\u2019s a breath of fresh air amid the hard-to-escape hand-wringing over economic uncertainty and market volatility. People are also determined to increase their savings this year and pay off credit cards.<\/p>\n Read more: Americans are using AI for financial advice more than you think<\/a><\/p>\n That\u2019s grand, in theory, but it\u2019s not always happening. Money angst is pushing many people to make rash purchases and other impulsive spending due to stress or anxiety, rising to 62% among Gen Z.<\/p>\n So even though people say they\u2019re putting savings top of mind this year, 44% of Americans also say they prioritize spending on day-to-day treats and experiences over saving for the future.<\/p>\n That mindset balloons for younger people \u2014 logging in at 6 in 10 Gen Zers and more than half (55%) of millennials, compared to 4 in 10 Gen Zers and 25% of baby boomers.<\/p>\n \u201cThe goal isn’t to eliminate spending,\u201d Alvin Carlos, a certified financial planner and financial adviser at District Capital Management<\/a> in Washington, D.C., said. \u201cIt’s to spend intentionally on the things that matter and cut the rest.\u201d<\/p>\n My two cents: To resist making an online impulse buy, put the item in your \u201cshopping bag\u201d and go for a walk. That’s the best kind of dopamine rush.<\/p>\n Most people have trouble coming clean about this psychological spending urge and might even be embarrassed by it or have regrets.<\/p>\n And that\u2019s where artificial intelligence may be coming to the rescue. AI doesn\u2019t judge your spending habits in quite the same ways as a financial adviser might. The most common uses folks are tapping AI for are creating a budget, learning basic financial concepts, reviewing investment recommendations, and auditing their personal financial situation, according to this report.<\/p>\n