Technology transforms the way we work and live. This is not a new idea; history offers countless examples, from robotics in factories to digital tools taking over tasks once done by hand.
Today, artificial intelligence (AI) is the latest advancement reshaping the workforce. From engineering to healthcare, smart technologies have changed how work gets done. And with some smart moves of your own, AI can help you thrive in your career and finances. Let’s find out:
AI and the Job Market
AI is popular right now. What’s with all the hype? Much of that is due to the emergence of OpenAI and ChatGPT. The tool became one of the fastest-growing consumer applications, delivering the benefits of generative machines to the public.
As the technology advances, more employers will use it. A recent study found that from 2021 to 2023, firm AI use in Canada increased from 3.7% to 6.8%. The same report noted that 56% of the workforce have significant AI exposure, a figure expected to have grown just by the date of publication.
Experts suggest that adoption growth is due to the complementarity of the tool, as AI can perform routine tasks that boost human effort. That will alter employee roles, but fields ripe for intelligent machine support can benefit. We are in a new stage, but a stage that does present opportunity.
How AI Can Impact You
The effect of AI on your job depends on what you do. Job replacement is a possible outcome in many careers, especially if a machine can duplicate your work. But if you’re in a profession that uses AI to enhance productivity, you may end up in a better professional position. You can use AI tools for research, to save time when looking for solutions to problems, and to find more efficient ways to accomplish tasks.
How to Use AI for Your Benefit
How can these new systems give you an advantage? The most obvious case is to use AI to improve your work output. ChatGPT can make you more valuable to an employer, open up new job prospects, and even help you in your job search if you want to make a career switch.
For us at LCTaylor, we can see some clear benefits of AI when it comes to debt and finance. Here are a few examples:
Personalized Financial literacy
AI can be an incredible learning tool. Use it to define financial terms! Your computer also doesn’t judge you, so you can ask any question you like without feeling embarrassed. It can even offer personalized financial advice because it only answers the questions you ask it.
Budgeting tools
If you need budgeting help, AI is a great place to start. It will give you a budget based on the prompts you input. Accurate prompts will provide you with a more precise budget. Additional features include its ability to track and analyze your spending habits and send payment reminders.
Debt management
Yes, you can use AI for debt help. Answers to questions about payment amounts, interest rates, and schedules are helpful. Or for those tech-savvy users, ask an AI assistant to generate a debt repayment plan.
The Limitations of AI
Artificial intelligence is a powerful tool—but it’s not infallible. Wise use means every user should understand its limitations.
For example, the quality of your AI responses often depends on the quality of your prompts. If the information you input is incorrect or not specific enough, the answer may disappoint. Make sure you learn how to ask the right questions with the correct information.
Another challenge with AI is its lack of context. It might give you a reasonable answer that misses important nuances. For example, if you ask for smart ways to cut expenses, your AI assistant might suggest selling your car—without realizing that zero transportation could cost you your job.
AI also relies on older data to build answers. Outdated information can lead to answers that no longer apply, or are flat-out wrong. Be careful with time-sensitive matters (rule changes, policies, government legislation, etc).
Lastly, AI might offer debt advice strategies that do not fit your unique situation. There is a reason we suggest seeing a Licensed Insolvency Trustee when it comes to staying out of debt—LITs are debt experts who can suggest tailored plans that best match the details of your case.
Where to Get Debt Help
AI is here, and it can supercharge your finances. It can also lead to some job loss or threaten career plans. To best prepare for these changes, pay off what you owe and establish your savings. If that seems impossible because you have too much debt, reach out to us. At LCTaylor, our team of Licensed Insolvency Trustees has been providing trusted debt solutions for over 30 years. Whether you need credit counselling, a Consumer Proposal, or assistance filing for Bankruptcy, we can guide you through your options. Contact us online or call 204-925-6400 for a free consultation. Together, we’ll build a plan to eliminate your debt and help you move toward a stronger financial future.
Leigh C. Taylor, LIT
