Mark Gardner Award for Journalism

This award was set up in memory of Mark Gardner, a member of the AJ Bell Media Team who sadly passed away in 2022. Well done to University of Salford student Emily Trelfa who took the £5,000 prize associated with the award – a sum which was supplemented considerably thanks to the generosity of Mark’s family. The brief for participants was to discuss the impact of artificial intelligence on the world of money. She impressed the judges with her ‘well written and thoughtfully constructed’ and ‘thought provoking’ article.

When it comes to learning the financial facts of life, young people are now more likely to be talking to a banking bot than a bank manager. As artificial intelligence weaves its way into the fabric of modern life, its influence on financial systems is impossible to ignore.

From automated banking solutions to AI-driven investment strategies, the way we manage money is undergoing a fundamental shift. But, for young people like me, a 21-year-old university student still learning the ropes of financial responsibility, AI presents both an opportunity and a challenge.

One of the most significant ways AI is shaping personal finance is through automation. AI-powered apps now track spending habits, provide budgeting advice, and even invest money based on individual risk tolerance.

For students juggling tuition fees, rent, and daily expenses, AI-driven financial tools like robo-advisors can serve as a digital financial mentor. The ability to receive real-time insights on spending and saving, without needing extensive financial knowledge, could be transformative for young adults navigating their first major financial decisions.

Many of us already interact with AI in financial settings without even realising it. Banks employ AI to detect fraudulent transactions, while digital assistants like Siri or Google Assistant help track expenses. AI chatbots offer instant financial advice, making customer service more accessible. What’s even more exciting is how AI can bridge the financial knowledge gap.

Many young people graduate with little understanding of investments, credit scores, or financial planning – AI tools could serve as an educational resource, providing personalised guidance tailored to an individual’s financial habits and goals. Of course, AI in finance is not without its risks. AI relies on vast amounts of personal financial information, raising questions about security and ethical data use.

Another pressing issue is economic inequality. While AI-powered financial tools have the potential to democratise access to financial knowledge, they also risk widening the gap between those who can afford premium AI-driven services and those who cannot.

AI is revolutionising the way we handle money, offering young people more control and understanding of their financial futures.

But as we integrate AI into finance, we must remain aware of its limitations and ethical considerations. AI should serve as a tool for financial empowerment – not a substitute for financial literacy.  AI is as a valuable assistant, but not a replacement for critical thinking and informed decision-making.

Emily Trelfa

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