As generative AI increasingly becomes a common source of daily decision-making, including financial choices, it is critical to understand how people evaluate AI-generated financial advice. We conducted a preregistered vignette experiment (N = 285) in which substantive financial content---including facts, numerical values, recommendation direction, and core reasoning---was held constant while communication style varied across AI Financial Assistant (AI), Certified Financial Planner (Expert), and Online Community Forum (OC) advice. Displayed source attribution was independently manipulated through correctly labeled, unlabeled, and mislabeled conditions, allowing us to separate attribution effects from source-specific communication cues. Expert advice was rated more favorably than AI advice on 9 of 10 outcomes (|d|=0.20--0.47), and this advantage remained visible without source labels, where Expert advice outperformed AI advice on 8 of 10 outcomes (up to d=0.60). Correct labels added limited differentiation, whereas mislabeling increased ratings of AI advice for situational fit and overall quality (d=0.42 for each) and attenuated the Expert advantage in situational fit (d=-0.36). Descriptive analyses further showed that AI advice was most responsive to displayed attribution and, conversely, that advice-style differences were most visible under an AI label. These findings show that financial-advice evaluations are shaped jointly by displayed attribution and message-level communication cues. We position disclosure not as a neutral transparency mechanism, but as an interpretive frame whose accuracy and interaction with message cues can shape trust and reliance.
Muhammad Salar Khan, Hamza Umer, Hasan Mahmud +1cs.CY cs.AI cs.CL
Large language models (LLMs) are increasingly integrated into financial advisory systems, yet their role in reproducing religious bias remains underexamined. This study provides systematic mixed-methods evidence of such bias across three LLMs (ChatGPT, Gemini, and Grok) using 432 simulated advisor-client interactions spanning 16 religious identity pairings (Christian, Muslim, Hindu, and non-religious) and three core household financial decisions: stock investment, house purchase, and life insurance. Combining regression and reflexive thematic analyses, we identify structural biases across models and decision contexts and the discursive mechanisms through which they are linguistically enacted. Unbiased advice appeared in only 12-18% of cases. Gemini consistently produced more bias than Grok, while ChatGPT's outputs were statistically comparable to Grok's. Religiously symmetric advisor-client pairings almost always triggered explicit religious framing, and non-religious clients often received advisor-centered religious appeals. Qualitative findings show that bias is linguistically manifested through religious anchoring, uneven cultural signaling, and tone modulation, varying by model and financial scenario. Stock investment prompts produced more financially technical responses, whereas life insurance advice triggered stronger religious language. The study develops a dual-dimensional framework linking structural bias rooted in model training and design with discursive bias expressed through language, advancing understanding of algorithmic bias in LLM-generated financial advice. It also shows that such advice adapts linguistically to identity cues, revealing a managerial dilemma between personalization and neutrality. Finally, it highlights implications for businesses, financial institutions, and regulators seeking to ensure neutrality, cultural sensitivity, and trust in AI-mediated advice.