Why you shouldn't share financial details with ChatGPT

We get it. ChatGPT is incredibly useful. It's there when you need it, it understands what you're asking, and it can help you think through complex problems – including money questions.

But here's something most people don't realise: when you ask ChatGPT for help with your finances, you're not having a private conversation.

What actually happens when you talk to ChatGPT about money

When you type a message into ChatGPT, that information doesn't stay on your computer. It gets sent to OpenAI's servers, processed, and stored.

According to OpenAI's own terms, your conversations may be:

• Reviewed by their staff to improve the service
• Used to train future versions of their AI models
• Retained for up to 30 days (or longer, depending on your settings)

This means if you've ever asked ChatGPT something like:

• "I earn £45,000 a year and have £8,000 in savings – should I invest or pay off debt?"
• "I'm self-employed and don't have a pension. What should I do?"
• "My partner and I are thinking about remortgaging. Here's our situation..."

...that information has left your device and entered a system where it could be seen, stored, or used in ways you didn't intend.

Why this matters for financial information

Your financial details are some of the most sensitive information you have. They reveal:

• How much you earn
• What you own
• Your debts and vulnerabilities
• Your plans, fears and goals

In the wrong hands, this information could be used for:

• Identity theft
• Targeted scams
• Financial fraud
• Or simply sold to third parties

Even if you trust OpenAI as a company (and they do take security seriously), the simple fact is: the more places your data exists, the more opportunities there are for something to go wrong.

It's not just ChatGPT

The same is true for most AI tools you use for free online:

• Google Bard (now Gemini)
• Microsoft Copilot
• Perplexity AI
• Claude (the free version)

These are brilliant tools. But they're public services, designed for general use – not for handling sensitive personal information.

Their business models often rely on using your data to improve their products. That's the trade-off for "free."

What you should do instead

If you need AI help with your finances, use a service that's specifically built for that purpose.

Look for platforms that:

1. Keep your data private by design – your information should never be sent to third-party AI providers
2. Run their AI in a secure, locked environment – not on shared public servers
3. Are transparent about data use – you should know exactly what happens to your information
4. Follow financial industry security standards – the same rules that banks and advisers must follow
5. Give you control – you should be able to delete your data whenever you want

At Welleness, this is exactly how we've built Elle, our AI assistant. Your conversations stay inside Welleness. They're never sent to OpenAI or any other AI company. They're never used to train external models. And they're protected by the same security standards used by banks.

The bottom line

ChatGPT and other general AI tools are fantastic for many things. But when it comes to your financial life, you deserve something purpose-built.

You wouldn't send your bank statements to a stranger for advice. Don't send them to a public AI service either.

Your financial information is personal. Make sure the tools you use treat it that way.

Want AI financial guidance you can trust? Elle is Welleness's private AI assistant, designed specifically to help women understand their finances – without compromising their privacy. Get your free financial health check and Elle will help you understand your gaps and vulnerabilities, and work out your next best steps.

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