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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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 literacy test, respectively, compared to a baseline of 33 based on GPT-4 achieves a near-perfect 99 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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