Should we trust super advice from AI?
Opinion
By Matthew Kearney
If you've ever asked ChatGPT a question about money, you aren't alone. More Australians are using artificial intelligence (AI) tools alongside social media and online content to understand complex topics like superannuation.1
I've used AI myself for the occasional quick question, so I understand. We all want quick and simple answers to help us manage our money, and AI can be a useful tool for understanding the basics.
However, what if you’re turning to AI for super advice? You might ask whether you should make extra contributions, when you can access your super, or whether you're on track for retirement. Can we actually trust the information it provides?
Research shows that while people continue to trust financial advisers as a key source of guidance,2 many Australians are turning to AI to get answers - particularly younger people.
That makes sense. After all, who wouldn't want to use information that's right at your fingertips?
The challenge is in how you use it. Like any tool, to use it well you need to understand both its strengths and its limitations.
Think of AI as your starting point
AI can be a useful starting point for learning about superannuation. It makes it easier to ask questions, explore unfamiliar concepts and build your knowledge.
This is particularly important when it comes to super, where understanding topics such as contributions, investments and retirement planning can help you feel more confident engaging with your account and planning for your future.
In that way, AI can encourage more Australians to learn about super and take a greater interest in their retirement savings earlier
What AI doesn’t know about you matters
While AI can help explain concepts, it's important to understand its limitations.
AI systems generate responses based on the information available and the questions you ask. Unlike a financial adviser, they don't fully understand your personal circumstances.
AI is designed to communicate with you in a conversational way, it can sometimes feel like it is speaking directly to your situation. While it may seem like the tool understands your circumstances, it doesn’t know all the many factors that could influence your financial decisions.
The thing to remember is that two people of the same age can have very different finances, health needs, assets, comfort with risk and retirement goals. AI can’t take into account every aspect of your circumstances, so its responses are best used as general information rather than personalised financial advice.
Importantly, AI is only as good as the information you give it. If you ask a broad question or provide incomplete information, the response might not give you the full picture. In some cases, you may not even realise a detail is important until it affects the outcome.
Why super isn't one-size-fits-all
This is especially important when it comes to super, which has lots of rules that may not apply to everyone in the same way. The amount you can contribute, access rules, tax, government benefits and investment risks can vary from person to person.
While AI can provide a useful overview of how these concepts work, it can’t explain how every rule applies to your specific situation. Missing an important detail, such as the maximum amount you can contribute per year or eligibility to access your super, could end up costing you money.
That's why it’s a good idea to use educational programs, trusted information sources and professional guidance to make informed decisions about your super and retirement.
Use AI to learn, not to decide
When looking for guidance on super, you don’t necessarily have to choose between AI and other trusted sources of information. I think the most effective approach is to use them together.
Think of AI as a tool for building foundational knowledge and exploring key concepts. Once you understand the basics, take the next step by checking and expanding your knowledge through trusted sources like the government’s Moneysmart website, the ASFA Retirement Standard and GESB’s website.
A good next step after using AI is to explore resources that unpack a topic in greater detail. This might include educational programs where you can hear directly from experienced presenters and gain a deeper understanding of complex topics.
GESB offers webinars and seminars covering topics including super legislation, insurance, contributions and investing at different life stages, and other educational resources on our learn and support hub.
By combining digital tools with trusted educational resources, you can build greater financial confidence, make more informed decisions and reduce the risk of misinformation.
So, should you trust AI for super advice?
Used thoughtfully, AI can be a valuable starting point for understanding and engaging with your super. Just don’t let it be your only source of information.
By taking an active interest in your super today and using reliable sources of information to build your knowledge, you'll be better positioned to make informed decisions and set yourself up for a better financial future.
Matthew Kearney
Education Manager
Matt has over 8 years’ experience in the financial services industry, having previously worked at Shadforth Financial Group. He has strong expertise in superannuation and retirement planning, supported by a comprehensive understanding of financial and investment markets.
Matt supports members by delivering clear, engaging education that helps them understand their superannuation and make informed decisions about their retirement.
Matt holds a Bachelor of Commerce from Curtin University, along with a Graduate Diploma of Financial Planning and a Diploma of Financial Planning (RG146) from Kaplan Professional.
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