The Impact of Generative Artificial Intelligence on Goal Pursuit

Description

Despite the vast amount of information and search technologies available, the high levels of financial problems and indebtedness around the world are alarming (Cesar Leandro & Botelho, 2022; Kappes et al., 2021). According to data from Money, the personal debt of the average American reached US$21,800 in 2023 (Cagnassola, 2024). In European countries, the International Monetary Fund shows that debt levels exceed more than 50% of GDP (Mbaye et al., 2018). This scenario clearly highlights the challenges consumers still face in achieving their financial goals, which compromises their financial and emotional well-being.
With the emergence of generative artificial intelligence, new paradigms for searching for and consuming information have been broken, as well as the way we work and relate to each other (Huang et al., 2019; Rust & Huang, 2020). Generative Artificial Intelligence (GenAI) is amplifying these changes and presenting new challenges (Kshetri et al., 2024). This is no different in the context of financial decision-making. With generative tools like ChatGPT, we can search for anything and get a personalized answer in seconds. Previous studies show that artificial intelligence helps consumers reduce the time and cognitive load involved in making decisions (Hollebeek et al., 2024; Lim et al., 2022; Li et al., 2023). And we are living through a period of change in the nature of human cognition (Smith et al., 2020), in which the consumer is increasingly ceding decision-making responsibilities to intelligent digital services that can augment human capabilities (Frischmann & Selinger, 2018).
However, what studies have not yet shown is whether the use of GenAI (vs. AI) affects the implementation of financial goals and whether or not this generates more well-being in the consumer. With the rise of GenAI in the last year, machines are increasingly incorporating human skills and characteristics through natural language processing (Hirschberg & Manning,
2015), which means that GenAI performs analytical and thinking skills that were previously exclusive to humans. This change has led to a reduced emphasis on emotional and relational skills, which are now irreplaceable. We are currently experiencing the era of the Feeling Economy (Huang et al., 2019).
Building on previous studies on financial well-being (Banker & Khetani, 2019; Ferreira et al., 2021; Tay et al., 2017) and Goal Construction Theory (Fishbach & Ferguson, 2007), this study proposes that GenAI (vs. AI) interactions that emphasize emotional (feeling) versus cognitive (thinking) aspects lead to high (vs. low) financial well-being, decrease consumer cognitive load, and facilitate the achievement of financial goals.

Period	10 Jun 2024 → 12 Jun 2024
Event title	AIRSI2024 Generative AI Challenges
Event type	Conference
Conference number	6
Location	Zaragoza, SpainShow on map
Degree of Recognition	International