New Delhi, June 22 -- The use of AI for financial guidance has risen sharply in recent years. In the United Kingdom, around 28 million adults used artificial intelligence tools for personal finance advice last year, according to Lloyds Banking Group.

However, experts caution that AI-generated advice may not always be practical. Danilo McGarry, an AI adviser to the Chartered Institute of Personnel and Development, told Financial Times, that when an user asked a chatbot to help in reducing their tax bill, the AI bot suggested moving to Monaco,

Though this is technically correct, the advice was of little use to someone living and working in Croydon, highlighting how AI can sometimes overlook real-world circumstances when offering financial...