Financial topics often remain private for many Americans, with women particularly hesitant to engage in financial discussions. Experts note that this reluctance can impede women’s financial progress. To address this, Savvy Ladies, a nonprofit organization, has introduced an innovative solution utilizing AI to provide quick financial guidance to women.
Founded over two decades ago by Stacy Francis, a certified financial planner and the CEO of Francis Financial in New York City, Savvy Ladies aims to empower women financially. Inspired by her grandmother’s experience of staying in an abusive situation due to financial dependence, Francis established the nonprofit to prevent other women from facing similar hardships.
Savvy Ladies has recently implemented an AI chatbot, powered by Microsoft Copilot, on their website. This chatbot enables users to ask financial questions and receive immediate responses based on content created by certified financial planners and other financial experts. “We want to ensure that any woman with a question can get an answer, even at 3 a.m.,” said Francis, who also serves on CNBC’s FA Council.
The initial interaction with the chatbot often concludes with a recommendation to contact the Savvy Ladies’ helpline for personalized advice from a financial professional. Judy Herbst, the executive director of Savvy Ladies, emphasized the importance of individual support, stating, “We want everyone to enhance their financial knowledge while still having the option to seek personalized guidance.”
Michael Roberts, a finance professor at the Wharton School of the University of Pennsylvania, highlighted the evolving role of AI in financial literacy. While current AI tools complement personal financial knowledge and decision-making, they are not yet a substitute for human expertise. Users must know how to engage with these tools effectively to benefit from them.
The rapid advancements in AI make it challenging to predict future developments. However, individual investors are increasingly trusting AI-generated advice, according to a CFP Board survey. Despite this, they prefer to have such advice verified by a financial planner before acting on it.
Savvy Ladies’ board members, including Julia Rodgers, CEO of Hello Prenup, believe the new AI chatbot will significantly extend the nonprofit’s reach. Rodgers noted the importance of providing instant answers in today’s fast-paced digital world. Since its launch, the chatbot has received inquiries on budgeting, credit building, and income enhancement, according to Herbst. The nonprofit continues to refine the chatbot, aiming to align its tone with the organization’s mission.
