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

Paweł Niszczota, Sami Abbas
8/31/2023
cs.CLcs.AIcs.CY

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Abstract

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.

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Cite this paper

@article{niszczota2023become,
  title  = {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},
  author = {Paweł Niszczota and Sami Abbas},
  year   = {2023},
  eprint = {2309.00649},
  archivePrefix = {arXiv},
  url    = {http://arxiv.org/abs/2309.00649v2}
}

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