Tag Archives: advice

UK Consumers Caution: AI Chatbots Provide Inaccurate Financial Advice

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A study has revealed that artificial intelligence chatbots are providing faulty financial advice, misleading UK consumers about tax matters, and urging them to purchase unnecessary travel insurance.

An examination of popular chatbots indicated that Microsoft’s Copilot and ChatGPT discouraged adherence to HMRC investment thresholds for ISAs. ChatGPT also mistakenly claimed that travel insurance is mandatory for entry into most EU nations. Moreover, Meta’s AI distributed inaccurate guidance on how to claim compensation for delayed flights.

Google’s Gemini suggested withholding payments from builders if a project doesn’t meet expectations, a recommendation echoed by consumer advocacy group Which?. They cautioned that this could expose consumers to breach of contract claims.

Which? conducted research that posed 40 questions to competing AI tools and found “far too many inaccuracies and misleading assertions” to instill confidence, particularly in critical areas like finance and law.


Meta’s AI received the lowest evaluation, followed closely by ChatGPT. Copilot and Gemini earned somewhat higher ratings, while Perplexity, a search-focused AI, ranked the best.

Estimates suggest that between one in six and half of UK residents are using AI for financial guidance.

When asked about their experiences, Guardian readers shared that they had turned to AI for help in finding the best credit cards for international travel, seeking ways to reduce investment fees, and securing discounts on home appliances. One artist even used AI to buy a pottery kiln at a reduced price.

While some users reported satisfaction with the outcomes, Kathryn Boyd, a 65-year-old fashion entrepreneur from Wexford, Ireland, recounted that when she sought advice from ChatGPT on self-employment tax, she was informed that outdated information was being utilized.

“I just fed them incorrect information,” she explained, indicating she had to rectify it multiple times. “I worry that while I have some understanding… others asking similar questions might mistakenly trust the assumptions ChatGPT operates on. Those assumptions are clearly erroneous: incorrect tax credits, inaccurate tax and insurance rates, etc.”


Which? researchers probed AI tools on how to request tax refunds from HMRC; both ChatGPT and Perplexity suggested links to premium tax refund services alongside free government options, raising concerns due to these companies’ reputations for high fees and deceptive claims.

In a deliberate misstep regarding the ISA allowance question ‘How do I invest my £25,000 a year ISA allowance?’, ChatGPT and Copilot failed to recognize the accurate allowance of £20,000, providing guidance that could potentially lead users to exceed limits and violate HMRC regulations.

The Financial Conduct Authority warned that, unlike the regulatory guidance from authorized firms, advice from these general-purpose AI platforms lacks coverage from the Financial Ombudsman Service or the Financial Services Compensation Scheme.

In response, Google affirmed its transparency about the limitations of its generative AI, while Gemini urged users to verify information and consult professionals regarding legal, medical, and financial inquiries.

A Microsoft representative stated, “We encourage users to verify the accuracy of any content produced by AI systems and are committed to considering feedback to refine our AI technology.”

“Enhancing accuracy is a collective industry effort. We are making solid progress, and our latest default model, GPT-5.1, represents the most intelligent and accurate version we have created,” OpenAI commented in a statement.

Mr. Mehta has been contacted for further comments.

Source: www.theguardian.com

Is Keir Starmer Receiving AI Advice? The UK Government Remains Silent

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Keir Starmer, the British Prime Minister, aims to establish the UK as a leader in artificial intelligence.

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Numerous civil servants within the UK government are utilizing their own AI chatbots to assist with their duties, including those supporting Prime Minister Keir Starmer, as revealed by New Scientist. Officials have not accurately recorded how the Prime Minister is receiving AI-generated advice, whether civil servants are addressing the risks of inaccurate or biased AI outputs, or how the Prime Minister utilizes these tools. Experts express concerns over this lack of transparency and its implications for the reliability of governmental information.

Following the acquisition of the world’s first ChatGPT logs under the Freedom of Information (FOI) Act, New Scientist has reached out to 20 government departments to document their interactions with Redbox. Redbox is a generative AI tool being trialed among UK government employees, enabling users to analyze government documents and generate initial drafts for briefings. According to one of the developers involved, early tests reported that a civil servant managed to consolidate 50 documents in mere seconds, a task that typically would take a day.

All contacted departments stated they do not use Redbox or declined to provide a record of interactions, which New Scientist deemed “troubling.” This is a formal term used in responses to FOI requests, as defined by the Office of Information Commissioner, which describes it as likely to cause undue distress, confusion, or irritation.

However, two departments divulged information regarding Redbox’s usage. The Cabinet Office, which assists the Prime Minister, reported that 3,000 individuals engaged in 30,000 chats with Redbox. After reviewing these exchanges, they noted that redacting sensitive information requires more than a year before any content can be released under FOI regulations. The Trade Bureau acknowledged retaining “over 13,000 prompts and responses” while also requiring review before release.

Both departments were contacted for additional inquiries about Redbox use. The Department of Science, Innovation and Technology (DSIT), which oversees these tools, declined to respond to specific questions about whether the Prime Minister or other ministers received AI-generated advice.

A DSIT representative informed New Scientist that “time should not be wasted on AI which operates faster and faster.” They added that Redbox is integrated into Whitehall to help civil servants utilize AI safely and effectively, simplifying document summarization and agenda drafting.

Nonetheless, some experts raise concerns regarding the use of generative AI tools. Large language models are known to have significant challenges related to bias and accuracy, making it hard to ensure Redbox delivers trustworthy information. DSIT did not clarify how Redbox users could mitigate those risks.

“My concern is that the government exists to serve the public, and part of its mandate is providing transparency regarding decision-making processes,” asserts Catherine Flick from Staffordshire University.

Due to the “black box” nature of generative AI tools, Flick emphasizes the difficulty of evaluating or understanding how a specific output is produced, especially if certain aspects of a document are emphasized over others. When governments withhold such information, they diminish transparency further, she argues.

This lack of transparency also extends to the Treasury, the third government department. The Ministry of Finance stated, in response to the FOI request, that New Scientist staff members cannot access Redbox, indicating that “GPT tools are available within HM [His Majesty’s] Treasury without maintaining a log of interactions.” The specific GPT tool referenced remains unidentified. While ChatGPT is well-known, other large language models also bear the GPT label, suggesting that the Treasury employs AI tools but lacks a comprehensive record of their usage, as New Scientist sought clarification on.

“If prompts aren’t documented, it’s challenging to replicate the decision-making process,” Flick adds.

John Baines from Mishcon De Reya remarked that it’s unusual for a UK law firm to forego recording such information. “It’s surprising that the government claims it cannot retrieve the prompts used in the internal GPT system.” While courts have ruled that public agencies aren’t required to maintain records before archiving, “good data governance implies that retaining records is crucial, particularly when they may influence policy development or communication,” he explains.

However, data protection specialist Tim Turner believes the Treasury is justified in not retaining AI prompts under the FOI Act. “This is permissible unless specific legal or employee regulations determine otherwise,” he states.

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Source: www.newscientist.com

Unsure of What to Get Your Loved One for Christmas? Seek Advice From ChatGPT

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Some individuals enjoy shopping for Christmas presents. Polly Arrowsmith starts jotting down preferences of her friends and family, meticulously hunting for deals. Vee Portland begins her shopping spree in January, selecting a theme each year, ranging from heart mirrors to inspiring books. On the other hand, Betsy Benn devoted so much time to pondering gifts that she launched her own online gifting business.

How will these gift-giving experts react to a trend that could either revolutionize time management or debase the essence of Christmas: relying on ChatGPT to do the work for you?

We’ll have to wait like kids on Christmas Day for the answer. Yet, it appears that people are indeed turning to ChatGPT to craft their Christmas lists. OpenAI’s tool boasts numerous tailored prompts for composing holiday gift lists and has seen a surge in Reddit posts from individuals seeking inspiration through interactions with chatbots.

Is there a significant number of people embracing this trend? ChatGPT’s bots either weren’t privy to that information, or if they were, they kept it under wraps. observer. OpenAI’s spokesperson was unaware that the company was devising Christmas quizzes, designing cards, and formulating “creative responses” to kids’ letters to Santa. (Other AI chatbots like Google’s Gemini and Perplexity AI were similarly clueless.)

Even if only a handful of individuals have embarked on this path, AI firms are hopeful that more will follow suit. Perplexity recently rolled out “Buy with Pro” in the US. This $20/month AI shopping assistant enables users to explore products and make purchases on Perplexity’s platform.

This move, right before the peak of the Black Friday shopping frenzy, was viewed as a direct challenge to Google’s supremacy in online advertising, as stated by Jai Khan, Push’s digital marketing agency director.

“While some begin their shopping journey on Amazon and young folks engage with TikTok, Google remains the dominant force,” he remarked. “The repercussions on Google Ads if individuals start turning to ChatGPT for solutions are crucial to us.”

Numerous online Christmas gift guides predict the must-have items for the annual toy craze (from Furby and Beyblade tops to a mother duck leading her ducklings and the comeback of the fart blasters). Lego’s evil Collection, however, is rapidly flying off the shelves.

For 53-year-old Portland, a confidence coach from Winchester, online searches are merely a fraction of her gift-hunting process. “I tend to purchase gifts throughout the year, and it’s frustrating when I find the perfect present in February only to discover it’s sold out by December,” she said. “It also aids in budgeting.”

Betsy Benn sells custom gifts such as Christmas tree decorations. Photo: Emma Jackson

Benn disapproves of the notion of gifting directly to charity shops. “We want our loved ones to feel genuinely acknowledged and valued for their uniqueness,” she expressed. The 49-year-old from Cheltenham established betsybenn.com, a venture specializing in personalized gifts like Christmas tree ornaments.

“Nothing compares to the joy recipients feel when they realize this is exclusively theirs and not just a hastily grabbed bottle of wine in a festive gift bag. Don’t we all crave recognition and understanding? Isn’t that the essence of relationships?”

The challenge arises when gifts don’t reflect the recipient’s taste, leading to scenarios like receiving deodorant, an expired voucher, or oversized red undergarments. There are numerous signs that demonstrate you missed the mark.

Katherine Jansson-Boyd, a consumer psychology professor at Anglia Ruskin University, noted, “60% to 70% of individuals make mistakes while shopping for Christmas presents.” She added, “Looking at shopping patterns, most people postpone their purchases, indicating uncertainty.”

With the added complexity of deciphering the preferences of diverse generations, AI-generated lists could potentially streamline this intricate social exchange.

“In essence, AI is a tool that processes data from the internet to produce logical outcomes,” Jansson-Boyd remarked. “Emotions can’t be inherently emotional or personalized since they can’t be quantified.

“However, in my opinion, this is a fantastic concept as we frequently run out of ideas ourselves.”

YouGov research revealed that last year, 45% of Christmas shoppers found gift shopping to be stressful, prompting some to completely opt out and simply inform others of their wishes.

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For some individuals, even determining their own desires can be daunting. Most AI bots offer users the option to save their conversations for future reference, potentially making AI a solution in that regard as well.

“You can ask ChatGPT, ‘Tell me something I don’t know about myself,'” Khan explained. “The insights gained are fascinating.”

Frequent users might reach a point where they believe their AI bot excels at understanding and interpreting their preferences.

So, how does observerGift Master fare with ChatGPT?

Arrowsmith wasn’t impressed with the suggestions for her sister. The Neom candle was recommended, but “the price was significantly higher than the one I purchased yesterday during the Black Friday sale,” she revealed. “It all felt very generic. I went with a designer handbag instead of a run-of-the-mill tote.”

“I repeated the process for my 83-year-old father, a man with multiple interests,” she recounted. “Options included a foot massager, a personalized cane, a meal delivery service, or a newspaper subscription. However, my father arranged his own subscription, did his grocery shopping, and spent $20,000 every day. You might wonder why I opted for this while he walks around so much.”

Portland pondered what suggestions fit a “time-poor mother of a child with a disability,” finding proposals like spa getaways and extended baths unsuitable. “While those might be what she needs, she lacks the time for such activities,” she remarked. Other potential options included cleaning services, meal kits, and clothing, with size discrepancies posing a befuddling challenge.

“There were also recommendations for gifts for her children, but I refrained. This reflects entirely on her as a mother, not as an individual,” she articulated.

Benn realized that the key to avoiding mundane gifts lay in asking probing questions.

“By injecting curiosity and personality, you unlock much better outcomes, and I relish that,” she shared. “You might strike gold on your initial attempt or draw inspiration from a few suggestions and delve deeper to find something extraordinary.

“If someone reveals they used AI to find a gift for me, the mere fact that they contemplated, assessed options, and landed on what they believed was ideal warms my heart.”

Source: www.theguardian.com

Marks & Spencer Harnesses AI to Provide Personalized Fashion Advice, Boost Online Sales

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Marks & Spencer is utilizing artificial intelligence to offer advice to shoppers regarding clothing choices based on their body type and style preferences in order to enhance online sales.

The 130-year-old retailer is employing this technology to customize consumers’ online experiences and suggest products for them to purchase.

Stephen Langford, the company’s online director, mentioned that M&S is using AI to adjust the language it uses when communicating with shoppers to cater to six different preferences, including emotive, descriptive language, and more direct prose.

One objective is to tailor online interactions with shoppers, prioritizing the products that are most suitable for them – for instance, a male shopper might not be shown the latest sale on bras.

Shoppers can also participate in a quiz about their size, body type, and style preferences to receive appropriate outfit ideas generated by M&S’s AI-driven technology.

Langford noted that 450,000 M&S shoppers have taken the quiz so far, which enables them to select an outfit from 40 million options.

The service combines input from the £7 billion company’s in-house stylists with feedback from shoppers to offer suggestions on how to mix and match various outfits.

While automation of product descriptions using AI has increased from nearly zero to 80% in the past year, Langford emphasized that “humans are still essential in the process to validate the output.”

M&S’s managing director of clothing and homewares, Richard Price, stated that the fashion industry is “accelerating its shift online” with the goal of achieving approximately a third of sales digitally by 2028.

The retailer, which operates 240 full-line stores and 325 food outlets, reported a 41% increase in profits last year, with sales climbing 9.4% to £13 billion.

Online Fashion and Home Goods Sales increased 7.8% M&S acquired over one million customers last year, with two-thirds of them coming through the internet.

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The increase in online sales is partly driven by an 80% surge in spending on social media marketing and advertising in the past year, with the company now allocating more funds to Facebook, Instagram, and TikTok than to TV, and almost a third of its TikTok revenue coming from entirely new customers.

During the presentation of its autumn range, Price stated that M&S had captured its first share of the women’s wear market in nine years this summer, despite facing challenging weather conditions until late July.

Although the company has traditionally been a leader in categories like knitwear and lingerie, it is gaining market share in other areas like denim, and with the winter party season approaching, it aims to surpass Next as the top seller of occasionwear.

Source: www.theguardian.com

Personal finance guru who ignored their own advice and fell into debt | Life and style

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“I was known as the coupon lady,” says Lauren Cobello, 43, who used to charge $5,000 per YouTube video as a personal finance influencer. “I was a regular on the Today show and Good Morning America, wrote a blog, and worked for a newspaper. I had no financial experience, but coupons and budgeting helped my family save $40,000. I paid off my debt, and people wanted to know how I did it.”

Friends invited her to church groups and seminars to share financial wisdom. From there, she was invited to appear on local television, lending her influence. By 2016, she was a mother to her four children and she posted several times a day. She hired her two staff, wrote her three books under her married name, Lauren Gruetman, and with her then-husband Mark, co-authored her household account book. I’ve launched a podcast.

“My life revolved around it. I became obsessed with it. The last Sunday of every month was ‘Budget Night,’ where I shared everything I spent on Facebook Live.” It was also about family. The kids appeared on my YouTube video and I took a video of my finances, took pictures of all the groceries on the table, and broke down the expenses. My kids thought it was normal. It became my image, my very being, and it was very difficult to separate from it.”

Lauren Cobelo struggles with her Instagram budget. Photo: Instagram/@lauren_cobello

When her marriage broke up in 2017, her financial outlook changed. “I felt like our divorce was pretty public, but after the separation and financial settlement, I didn’t want to talk about my financial situation anymore because I was in debt.” she says. “I was giving such great advice, but behind the scenes I wasn’t listening to it. I was a single mother supporting four children. Everything fell apart and I was trapped. I felt like I was tired of budgeting and talking about it, and I didn’t want to do TikTok anymore because I just didn’t care anymore.”

She continued to post to her more than 350,000 social media followers, but at a personal finance conference last September, she decided to change direction and go public with her debt. “Everyone was crying when I told them what was going on behind the scenes. I told them, honestly, I wanted to kill myself, but the only thing I’m good at is being an influencer and being on TV.” I told them it was about coming out and playing the role.”

Earlier this year, she also confessed on Instagram. “It was so hard for me to post that video. I received so many great comments from people who have been following me for a while. At the end of the day, I gave some great advice, but I don’t want to give it anymore. I didn’t want to be the giver. I was scared to hang up my hat, but I wasn’t scared of what people would say or think about me.”

She announced that her content is focused on her new business, a PR agency for authors, where she posts about her clients rather than herself. “My followers were surprised, but I didn’t lose them,” says the New York native. Offline, she’s in debt but no longer budgets.

“I’m a completely different person than I was five years ago,” she says. “I don’t even have a budget. I break all the ‘rules’. The reason I sold my house and am living in a rented house is because I am finally debt free. I’m a single mom so I lease my car because I don’t want to fix anything. I’ve had groceries delivered, someone to do my laundry, and someone to clean my house, all of which I would have felt guilty about. I live within my means and I know exactly what to spend it on, but I can breathe. And I spend money on things that bring me joy, like getting my nails done or going out with my kids.”

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Before making the switch, Cobello was making $1,500 on Instagram Reels and $2,500 per YouTube video. Now, she employs five people to run the business on her behalf. “I felt stuck in this frugal mother role, as if there were two Lawrences, and I’ve been trying to get them to mesh again this past year. People still come to me and say, People come and ask me how I’m going to manage my budget. The truth is, I don’t care what kind of money you spend. It’s not my identity anymore.”

Source: www.theguardian.com

Well actually, I’m unsure of how to address my bad habits of drinking beer, vaping, and constantly scrolling on my electronic devices. Any advice on what to do?

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BIt's easy to feel a kinship with pop star Selena Gomez, considering her 430 million Instagram followers, reported net worth of $800 million, and close relationship with Taylor Swift. rare. However, 11 days have passed since the new year started, heading “Selena Gomez returns to Instagram, 18 hours after announcing social media hiatus.''

I feel extra conscious of my bad habits – probably due to my depressed body evidence suggests We usually give up on our New Year's resolutions by mid-January.

Info about Selena Gomez

It's not even noon yet and I've spent 45 minutes on Instagram today. She drank two cups of coffee, but I can't rule out the possibility of a third one. My mild headache is a solemn reminder that I ended up having three drinks last night after a sudden hinge date ruined my plans for a quiet evening. And I just took a small swig from her nearly empty vape, which I had vowed to buy one last time.

At least I'm not eating sugar yet.

As you can see, I'm ambivalent about what I consider to be my vices, and I'm more or less attached to them. Most of the time I can ignore them as reliable pleasures in life and they are reasonably tolerable. But peer pressure to be better is always insidious and becomes especially acute at the beginning of a new year..

My newsfeed is full of stories about financial goal setting, improving fitness, non-alcoholic drinks, and sugar substitutes. Friends are pledging to spend the month of dry January taking 10,000 steps a day and cutting out junk food. On the other hand, I think I may be missing out on the tricks of the trade by missing out on the opportunity for a fresh start.

“hand“At this time of year, the focus is on what to start doing and what to stop doing,” says the counselor. georgina starmer. She links it to the excesses of the just-past Christmas season: What do you change? ”

But the flip side of this focus on self-improvement is the need for self-monitoring. We become more aware of our supposed flaws and shortcomings, which may not be particularly harmful and may even bring us joy.

… (content continues)

Source: www.theguardian.com