Artificial Intelligence Chatbots: Are Chatbots Programmed to Provide Financial Wellness Counseling to College Students?

Abstract

This HEFWA Research Brief aims to fill a gap in the literature by investigating whether higher education institutions use AI-powered chatbots for personal finance and financial wellness counseling on their websites. The study seeks to answer the following research question: If institutions embed AI-powered chatbots on their financial wellness websites, do these chatbots provide financial wellness counseling? If so, what is the depth and breadth of this counseling? Answering these questions will help researchers and practitioners understand how higher education institutions use chatbots for student services, including financial wellness counseling. Given that financial wellness counseling has traditionally been provided through a personalized, one-toone model (Britt et al., 2015; Montalto et al., 2019; Schuman et al., 2023), it is essential to learn whether institutions are using technology to offer this counseling and whether college students receive timely and accurate financial wellness information through AI technology.