AI in Accounting and Finance: "The Role of AI in Enhancing Financial Literacy and Financial Planning Among College Students"

Abstract

Artificial Intelligence (AI) has emerged as a transformative force in the field of accounting and finance, particularly in enhancing financial literacy and financial planning among young individuals. AI-based financial tools such as budgeting apps, investment platforms, chatbots, and expense trackers have simplified financial decision-making for students. The present study examines the role of AI in improving financial literacy and financial planning among college students. The study is based on primary data collected from a sample of 60 college students using a structured questionnaire. The findings reveal that AI tools positively influence students’ understanding of financial concepts, budgeting practices, saving behaviour, and goal setting. However, challenges such as data privacy concerns, lack of awareness, and complexity of applications still exist. The study concludes that integrating AI-based financial education at the college level can significantly enhance students’ financial capability and long-term financial well-being