Google AI overviews are misleading or inaccurate in 37% of finance-related searches, according to The College Investor’s latest analysis. This is an improvement from last year, where 43% of AI Overviews were inaccurate – but a one-third error rate is troubling when it comes to personal finance.
This is causing consumer confusion, and potentially harming Americans’ finances. The overviews were especially bad when it comes to tax, insurance, and financial aid related queries.
What’s Happening: Over the last several years, Google has been rolling out AI-driven answers in search results. At the top of the search results they show AI Overviews, and they’re now expanding the use of AI Mode. The problem is they are plagued with inaccurate answers. And experts say it’s a serious issue.
It’s important for searchers to realize that Google is simply analyzing the existing web results and trying to provide an answer based on what it knows and what it finds. It links to some of the resources it finds on the right side.
However, at the end of the day this information is not vetted by a professional or anyone with knowledge of personal finance. It may not be accurate. Even Google alludes to it with their disclaimer (which is different than last year’s):
Google search screenshot. [Screenshot by The College Investor]
Key Issues With Google AI-Overviews And Personal Finance
We re-tested 101 personal finance-related queries across multiple areas of personal finance, including banking, credit, investing, insurance, student loans, and financial aid. You can jump to every query we tested below. This was a follow-up to the same study we did in 2024.
Out of 100 searches, we found that Google AI Overviews were correct in 63 instances, and provided misleading or inaccurate information in 37 instances. Notably, one of the queries no longer has an AI Overview appear for it – and this query had difficulty providing an accurate result last year.
We labeled the incorrect answers three ways:
- 🔶 Misleading: The AI answer provided could be interpreted in a way that causes financial harm.
- 🔶 Missing Key Information: The AI answer was semi-correct, but also missed key information that could cause financial harm (such a key exceptions or state-based rules).
- ❌ Incorrect: The AI answer was simply incorrect, typically using outdated or incorrect values or information, which could lead to financial harm.
We found the the AI-Overviews were completely incorrect in 11 instances. This was only a marginal improvement over the 12 incorrect instances last year. This included issues such as providing outdated information on products and services (or simply making up product names) and outdated information on student loan repayment plans.
The remaining 26 errors were either misleading results or the results were missing key information.
Compared to The College Investor’s 2024 AI Overview Study, it improved it’s answers in 18 AI Overviews, but got worse in 14 AI Overviews. This shows that both the search results and related AI Overviews continue to change – but the underlying AI technology can’t seem to get it right.
When Google Gets It Right
Generally, the AI Overviews were correct for basic 101-level questions, such as “what is” or “how to”. They had the most correct answers when covering basic personal finance topics, including banking and getting out of debt.
Compared to last year, they significantly increased the “robustness” of answers. Many of the improvements we saw were queries that were previously Missing Key Information, and now the AI Overview covers the nuances.
When Google Gets It Wrong
AI Overviews struggled the most with recency and nuance – which is most of personal finance. Most of the incorrect answers involved navigating changes to student loans and financial aid, One Big Beautiful Bill tax topics, investing topics, and insurance.
The biggest area of decline was when it came to actual product or service decisions. Last year it appeared to create its own listicle of answers. This year, it was making up products or service names in two of our queries, and continued to get interest rates wrong. For major financial institutions, this is a big compliance issue.
What Surprised Us The Most
Last year, the results were pretty strong on trending news. This year, we noticed that many answers were “hedging their bets”, and while providing a lot of information, they didn’t really answer the questions.
It was surprising that there were no improvements (and actually declines) in comparing banking products. Checking interest rates on savings accounts seems like a pretty easy task. We do it everyday. But Google seems to fail at it.
The amount of spam in the AI overviews appeared to have increased from last – from images linking to weird foreign spam domains, or parasite content hosted on .edu domains.
We also saw a lot of YouTube videos were being pulled in to the results, which was different than last year.
What Google Is Saying
A Google Spokesperson told The College Investor, “The vast majority of AI Overviews are factual and we’ve continued to make improvements to both the helpfulness and quality of responses, including for financial queries where we have an even higher bar for accuracy. We also inform people when it’s important to seek out expert advice or to verify the information presented.”
When sharing some of the examples from this study, the spokesperson said “When issues arise – like if our features misinterpret web content or miss some context – we use those examples to improve our systems, and we take action as appropriate under our policies.”
Why Does This Matter For You
When you search for financial information online, you’re often looking for help with decisions that directly affect your money – how to pay off your student loans, ways to lower insurance costs, or how to choose the right savings account. If those answers are wrong, the consequences can be serious.
An AI-generated answer that misstates tax rules could lead you to file incorrectly and owe extra taxes and penalties. A bad suggestion about refinancing student loans could cost you loan forgiveness. Even something as simple as outdated credit card details could push you toward a product that no longer exists or carries different fees.
Unlike information from a certified financial planner, a government website, or trusted outlets such as The College Investor, Google’s AI answers aren’t reviewed by experts. They’re stitched together from web content that may be outdated, incomplete, misleading, or flat-out wrong.
That matters because more Americans now rely on their digital devices as their first stop for financial advice. When the search engine that most people use starts presenting unverified information as fact, it doesn’t just waste your time — it can cost you real money.
The government has also been focused misleading and deceptive AI. The FTC announced it was going after a variety of AI scams, California just passed a host of new restrictions on AI, and there has been an increase in UDAAP enforcement in deceptive banking and finance advertising.
When it comes to your money, real human expertise still matters — because getting it wrong can cost you more than just a click.
AI Overviews
All AI overviews were categorized as follows:
- ✅ Correct – The AI answer provided would be correct and helpful, and would not cause financial harm.
- 🔶 Misleading – The AI answer provided could be interpreted in a way that causes financial harm.
- 🔶 Missing Key Information – The AI answer was correct, but also missed key information that could cause financial harm (such a key exceptions).
- ❌ Incorrect – The AI answer was simply incorrect, typically using outdated or incorrect values or information, which could lead to financial harm.
General Personal Finance
These are topics related to general personal finance, such as banking, budgeting, and credit. It was interesting to see timely topics generate AI overviews, such as the Chase Glitch.
Google search screenshot of query “Where do I find my routing number”? [Screenshot by The College Investor]
Google search screenshot of query “How Do I Pay With Cash?” [Screenshot by The College Investor]
Verdict: Correct
Notable that the AI pulls in some blog spam from the University of Wisconsin – Madison in the sidebar.
Google search screenshot of query “What If I Don’t Pay My Bills?” [Screenshot by The College Investor]
Verdict: Correct
As a side note, notice the image that was used from a website called Merchant Cost Consulting without credit or links to their website in the AI overview.
Last year, this same query linked to The Balance without credit or attribution. Odd that this one query wants to pull an image when many others don’t.
Google search screenshot of query “What is a wire transfer?” [Screenshot by The College Investor]
Google search screenshot of query “What is the debt snowball method?” [Screenshot by The College Investor]
Google search screenshot of query “How Does A Credit Card Work?” [Screenshot by The College Investor]
Verdict: Correct
Another image taken from the Remitly website without any credit. Lot’s of money transfer spam sites on the links.
Google search screenshot of query “How Does A Check Work?” [Screenshot by The College Investor]
Google search screenshot of query “What Was The Chase Glitch” [Screenshot by The College Investor]
Google search screenshot of query “Why Is It Bad To Just Make The Minimum Payment On A Credit Card?” [Screenshot by The College Investor]
Verdict: Correct
While it pulls in FICO and Vanguard scores, the images are all from spammy domains, some ending in .in.
Google search screenshot of query “How Is A Credit Score Calculated?” [Screenshot by The College Investor]
Google search screenshot of query “What Is Considered Bad Credit?” [Screenshot by The College Investor]
Verdict: Incorrect
This was kind of an improvement, but still a miss compared to last year. If you remember last year, this query Google tried to provide a list that ranked Wells Fargo #1, and followed it up with a list of the largest banks.
This year, it drops it’s own ranking in exchange for the four ad spots before the AI Overview (and of course, before the content), and now the AI overview doesn’t actually answer the query but just so you can open an checking account at banks and credit unions.
There are lot’s of free checking account options and lists that can be provided here. This is a miss.
Google search screenshot of query “Where To Open A Checking Account?” [Screenshot by The College Investor]
Verdict: Incorrect
We were going to leave this one as misleading, but then we read the list… the last bank doesn’t exist – I’m really curious how the AI transformed Sallie Mae bank into Sally May (and it links to a YouTube listicle – but the Youtuber has an accent so I’m wondering if it was using voice).
Overall, this doesn’t help readers find the best place to open a savings account, though you could argue that it’s correct in that these banks do allow people to walk into a branch or open an account.
Except Discover Bank is stopping online deposits soon due to it’s merger with Capital One. And then it notes UK options.
All in all, a bad response.
Google search screenshot of query “Where To Open A Savings Account?” [Screenshot by The College Investor]
Verdict: Incorrect
Last year, this tried to provide it’s own list of 12-month CD rates (that was outdated).
This year, it makes up a new bank called Hustle Digital Credit Union. There is credit union called HUSTL, which is a division of Vantage West Credit Union. But there’s another problem – they don’t offer a 4.5% APY 12-month CD. They currently offer a 4.10% APY 12-month CD.
Google search screenshot of query “Where To Open A 12-Month CD?” [Screenshot by The College Investor]
Verdict: Incorrect
We rate this incorrect because the first blue link, Capital One, doesn’t allow you to open an auto loan online. The so-called “Auto Navigator” they mention connects you with dealers where you can get pre-qualified through then.
It appears to not understand the query, or is continuing to favor certain big brands.
Google search screenshot of query “Where Can I Open An Auto Loan Online?” [Screenshot by The College Investor]
Taxes
These are topics related to taxes. These topics are concerning to us the most because they have large financial implications for incorrect or misleading answers.
Verdict: Misleading
We marked this misleading because there is no 2024-2025 tax year. There is a 2024 tax year, and a 2025 tax year.
Granted, the IRA contribution limits remained the same in both 2024 and 2025 – but we had to do a double-take. And this is way to basic to mess up.
Google search screenshot of query “What Is The IRA Contribution Limit?” [Screenshot by The College Investor]
Verdict: Correct
Last year this overview incorrectly stated the lower limit. This year, the AI pulls in a nice little chart.
Google search screenshot of query “What Are The Roth IRA Income Limits?” [Screenshot by The College Investor]
Verdict: Correct
As a side note for this query, it won’t show an AI overview unless you specify a year.
Google search screenshot of query “What Is The HSA Contribution Limit?” [Screenshot by The College Investor]
Google search screenshot of query “What Is The 401k Contribution Limit?” [Screenshot by The College Investor]
Google search screenshot of query “What Is The 529 Plan Contribution Limit?” [Screenshot by The College Investor]
Verdict: Misleading
This AI overview of qualifying 529 plan expenses was a little better than last years, it at least hedged with eligible K-12 education 529 plan expenses with (up to annual limits – this is changing in the recent OBBBA).
But it continues to ignore that all states don’t conform with federal rules, and is mixed messaging on standardized test fees, which also just changed.
Google search screenshot of query “What Are Qualified 529 Plan Expenses?” [Screenshot by The College Investor]
Verdict: Misleading
The answer to whether you can use a 529 plan for elementary school is “maybe”, depending on your state. The AI Overview leads with “Yes”, which is misleading, however, it does mention that some states may tax this.
In the future changes, it also doesn’t mention that it can be used for more than tuition as well.
Google search screenshot of query “Can You use a 529 plan for elementary school?” [Screenshot by The College Investor]
Verdict: Incorrect
This answer completely ignores that one-third of states (including states like California and Colorado) do not allow this. Unlike the elementary school query, this answer does not include the exceptions in the bullet points. The bottom line is there are very specific 529 plan to Roth IRA rollover rules.
If California residents were to do this, they would faces taxes and penalties.
Google search screenshot of query “Can You Use A 529 Plan For A Roth IRA?” [Screenshot by The College Investor]
Google search screenshot of query “Does California Have A 529 Plan Penalty?” [Screenshot by The College Investor]
Google search screenshot of query “How much do I need to take for an RMD?” [Screenshot by The College Investor]
Google search screenshot of query “Is It Legal To Pay My Child?” [Screenshot by The College Investor]
Verdict: Missing Key Information
The maximum amount you can contribute to a solo 401k is $70,000 technically, the the real amount is very nuanced.
The table is a helpful improvement, but the employer contributions don’t explain the actual variables based on business structure and income.
Google search screenshot of query “How Much Can I Contribute To A Solo 401k?” [Screenshot by The College Investor]
Verdict: Correct
This one is a huge improvement over last year. Last year it said “Yes”. This year, it actually said no and shared reasons why.
Google search screenshot of query “Does Owning Your House In An LLC Help With Taxes?” [Screenshot by The College Investor]
Verdict: Incorrect
While the sentence is correct that you don’t get a Federal tax deduction, 34 states currently offer a tax deduction or tax credit to a 529 plan. This is mentioned in bullet point three, but since the actual sentence is “No”, we view this as incorrect.
Google search screenshot of query “Can I Get A Tax Deduction For A 529 Plan?” [Screenshot by The College Investor]
Verdict: Misleading
It did better this year compared to last year, but we also view this answer as very confusing – especially for someone who doesn’t understand the difference or maybe saw this on social media.
Google search screenshot of query “Should I Open An S Corp Or LLC?” [Screenshot by The College Investor]
Verdict: Correct
This was a significant improvement over the answer from last year, which got it wrong.
Google search screenshot of query “Do I Need An LLC For Rental Property?” [Screenshot by The College Investor]
Verdict: Correct
This was another big improvement from last year, when it said “Yes” – but the correct answer is nearly always “No”.
Google search screenshot of query “Should I Have My Rental Property In An S Corp?” [Screenshot by The College Investor]
Investing
These are topics related to investing and investment vehicles.
Verdict: Missing Key Information
The process for a backdoor Roth IRA, while correct, misses many parts of the process and doesn’t highlight any pitfalls that get a lot of investors in trouble. Messing up the backdoor Roth IRA can lead to taxes and penalties.
Also, note the infographic from The White Coat Investor, which is not linked in the AI Overview, and is now outdated.
Google search screenshot of query “What Is The Backdoor Roth IRA?” [Screenshot by The College Investor]
Verdict: Missing Key Information
This information about the Mega Backdoor Roth IRA is also semi-correct, but misses a lot of key information and pitfalls. It also focuses on employer-sponsored plans, when most people taking advantage of this will be Solo 401k plans.
Finally, notice the image from Investopedia without any credits or mentions. This article also had several spam links in AI overview.
Google search screenshot of query “What Is The Mega Backdoor Roth IRA?” [Screenshot by The College Investor]
Verdict: Correct
This information on the wash sale rule is correct and a nice improvement versus last year’s AI overview.
Google search screenshot of query “What Is The Wash Sale Rule?” [Screenshot by The College Investor]
Verdict: Misleading
Last year it said you had to have earned income. This year it leaves eligibility vague. Either way, it’s a simple question that doesn’t need this much nuance.
Google search screenshot of query “How Do I Open A Roth IRA?” [Screenshot by The College Investor]
Verdict: Misleading
The first sentence says you must first be enrolled in a High Deductible Health Plan (HDHP). While that’s true to contribute, that’s not true to open one. And there are scenarios where you want to open one and may not have a HDHP. For example, if you left your job and want to rollover your old HSA to a new HSA provider.
And the number of HSA providers is relatively limited.
Google search screenshot of query “How Do I Open An HSA?” [Screenshot by The College Investor]
Google search screenshot of query “Can I Use A Roth IRA To Pay For College?” [Screenshot by The College Investor]
Google search screenshot of query “Can I Invest If I’m Under 18?” [Screenshot by The College Investor]
Google search screenshot of query “How Much Money Do I Need To Start Investing?” [Screenshot by The College Investor]
Google search screenshot of query “What’s The Difference Between Saving And Investing?” [Screenshot by The College Investor]
Google search screenshot of query “Are Municipal Bonds Taxable?” [Screenshot by The College Investor]
Google search screenshot of query “Can You Trade Options In Your IRA?” [Screenshot by The College Investor]
Verdict: Missing Key Information
There are a lot of nuances here that are just missing from this AI overview, and the taxes implications can be harsh.
Google search screenshot of query “Can I Withdraw From My Roth IRA Early?” [Screenshot by The College Investor]
Google search screenshot of query “How Do Expense Ratios Work?” [Screenshot by The College Investor]
Verdict: Correct
Side note, we think it’s pretty bold of Google to try an explain this concept in an AI Overview.
Google search screenshot of query “How Do I Invest In Stocks?” [Screenshot by The College Investor]
Verdict: Misleading
This is a better AI Overview than last year, but still leaves people wondering why? Combine that with the top result on the right sidebar which is blogspam (Deskera is an HR blog) and a lot of outdated content pieces (such as best places in 2024), it leaves you wondering…
Google search screenshot of query “Where To Open An IRA?” [Screenshot by The College Investor]
Verdict: Correct
Not a bad list, it’s almost like they took real publisher’s lists of the best brokerage firms.
Google search screenshot of query “Where To Open A Brokerage Account?” [Screenshot by The College Investor]
Verdict: Missing Key Information
This is not a bad list, but it doesn’t tell you why you should open an account at any of these places. It’s also missing (but really not mentioning) ThinkorSwim, which is widely regarded as the best tool – albeit it’s a part of Charles Schwab.
Google search screenshot of query “Where To Open An Options Trading Account” [Screenshot by The College Investor]
Student Loans
These are topics related to student loans. It was interesting to see a mix of both outdated information, and some decent answers for current queries.
Last year, it appeared they were blocking certain queries:
AI Overview Not Available For This Search. [Screenshot by The College Investor].
This year, it appears they have removed that specific block, and the answer is pretty good:
Can The President Forgive Student Loans Query. [Screenshot by The College Investor].
Verdict: Correct
A much improved answer this year.
Google search screenshot of query “How To Get Student Loans?” [Screenshot by The College Investor]
Verdict: Correct
Yes, you can be fired for student loans under numerous situations, and this AI Overview got it right this year.
However, there is a lot of blogspam in the results and outdated content over 10 years old.
Google search screenshot of query “Can You Get Fired For Student Loans?” [Screenshot by The College Investor]
Verdict: Incorrect
I was so hopeful this was going to be fixed…and it kind of was, then it was still wrong. Last year, it clearly said “Yes, you can apply for REPAYE” but the problem is that plan doesn’t exist any longer.
This year, while it correctly said “No, you can no longer apply for REPAYE”, it followed it up by saying it was replaced by SAVE and you can apply for SAVE (which is incorrect as SAVE is no longer an eligible repayment plan either).
If only Google knew (or cared) that resources like The College Investor provided accurate and updated student loan information…
Google search screenshot of query “Can I Apply For The REPAYE Repayment Plan?” [Screenshot by The College Investor]
Verdict: Missing Key Information
This is correct, but it’s missing the One Big Beautiful Bill Act changes that the ICR plan is being phased out. While you can technically enroll today (that’s ending in late 2027), you’ll be forced to change plans in 2028 if you stay in ICR.
Google search screenshot of query “Can I Apply For The ICR Repayment Plan?” [Screenshot by The College Investor]
Verdict: Correct
Nice improvement here over last year.
Google search screenshot of query “Can I Apply For Public Student Loan Forgiveness?” [Screenshot by The College Investor]
Verdict: Misleading
While the first sentence is correct “your loans were placed into forbearance due to court orders…” the rest of the answer starts to have lots of incorrect or misleading statements.
For example, the SAVE forbearance is not over – it’s been extended and will remain likely through 2028. However, interest is accuring.
Borrowers also don’t have to choose a new repayment plan yet. There’s a lot of nuance in leaving the SAVE plan. The frustrating part is that the official resources aren’t providing much guidance, and based on the links it’s clear that’s what Google is pulling in.
Google search screenshot of query “Why Are My Student Loans In Forbearance Due To SAVE?” [Screenshot by The College Investor]
Yes, a processing forbearance counts for PSLF. This answer appears to try to hedge it’s bet by including various other periods that may or may not count for PSLF.
Google search screenshot of query “Does A Processing Forbearance Count For PSLF?” [Screenshot by The College Investor]
Verdict: Correct
This AI overview was dominated by weird website blogspam in the links.
Google search screenshot of query “Does Working In A Medical Group Count For PSLF?” [Screenshot by The College Investor]
Verdict: Correct
This improved over last year.
Google search screenshot of query “Do I Have To Apply For PSLF Every Year?” [Screenshot by The College Investor]
Google search screenshot of query “Can I Get Student Loan Forgiveness As A Teacher?” [Screenshot by The College Investor]
Verdict: Correct
This answer is eerily similar to our own article on Nursing Student Loan Forgiveness.
Google search screenshot of query “Can I Get Student Loan Forgiveness As A Nurse?” [Screenshot by The College Investor]
Verdict: Correct
We were impressed on the nuance of this answer on taxes and student loan forgiveness. Very few sources are getting this correct.
Google search screenshot of query “Is Student Loan Forgiveness Taxable?” [Screenshot by The College Investor]
Verdict: Missing Key Information
While it got this answer correct last year, this year it ignored the state taxes and PSLF – even though it got the nuance in the above question.
Google search screenshot of query “Is Public Service Loan Forgiveness Taxable?” [Screenshot by The College Investor]
Verdict: Missing Key Information
While you “can” consolidate your student loans at those times, you can also do it other times. And the query was “when”, which implies does it make sense to. Furthermore, the result doesn’t highlight details like PSLF credits, interest capitalization, and access to repayment plans. This is especially important with the new PSLF weighted average rule.
Google search screenshot of query “When To Consolidate My Student Loans” [Screenshot by The College Investor]
Verdict: Correct
It generally got the statue of limitations on student loans correct, but we’re surprised it didn’t show the table by state.
Google search screenshot of query “Is There A Statute Of Limitations On Student Loans” [Screenshot by The College Investor]
Insurance
These are topics related to insurance. We discuss life insurance and related products, but also homeowners and other types of insurance.
Verdict: Misleading
This is an improvement over last year, but we hate the fact that Google would ever mention insurance as an investment vehicle. With that said, some of the other reasons hedge the truth as well.
Google search screenshot of query “Is Term Life Insurance Worth It?” [Screenshot by The College Investor]
Google search screenshot of query “When Should I Get Life Insurance?” [Screenshot by The College Investor]
Google search screenshot of query “What Scenarios Should A Young Person Get Life Insurance?” [Screenshot by The College Investor]
Verdict: Correct
We were impressed to see the AI Overview treat this comparison the way it did.
Google search screenshot of query “Is Indexed Universal Life Insurance Better Than A 401k?” [Screenshot by The College Investor]
Verdict: Misleading
While it touches on some of the negatives of an IUL, it present it as there is a 50/50 comparison, when the reality is that an IRA is better 99% of the time.
Google search screenshot of query “Is An IUL Better Than An IRA?” [Screenshot by The College Investor]
Google search screenshot of query “Are Annuities Better Than CDs?” [Screenshot by The College Investor]
Verdict: Misleading
The answer started so promising, but then continued to encourage people check their parent’s homeowners policy. This is generally a bad idea for student dorm room insurance because claims can be costly for the parents long-term insurability.
Google search screenshot of query “Can You Get Renters Insurance For Your Dorm Room?” [Screenshot by The College Investor]
Verdict: Correct
They fixed this answer! Last year it said you could, and now it’s more accurate.
Google search screenshot of query “Can You Opt Out Of Car Insurance?” [Screenshot by The College Investor]
Verdict: Incorrect
It got this one right last year, but this year it completely misses that you are not required to have homeowners insurance if you don’t have a mortgage.
Google search screenshot of query “Can You Opt Out Of Homeowners Insurance?” [Screenshot by The College Investor]
Verdict: Misleading
This was a better answer last year. Now it continues to mention that you may need it or want it, though it may not be required.
Google search screenshot of query “Is Flood Insurance Required?” [Screenshot by The College Investor]
Verdict: Correct
This answer was better last year as well, as it starts to hedge its response to when earthquake insurance is needed.
Google search screenshot of query “Is Earthquake Insurance Required?” [Screenshot by The College Investor]
Verdict: Misleading
The answer was generally good, but the only blue link in the AI Overview was to an Indian website that couldn’t help with US insurance (or was spam or a scam).
Google search screenshot of query “Where To Open A Term Life Insurance Policy?” [Screenshot by The College Investor]
Google search screenshot of query “Where To Open An Indexed Universal Life Insurance Policy??” [Screenshot by The College Investor]
Verdict: Correct
Another taken image from Innovative Retirement Strategies for this AI Overview.
Google search screenshot of query “What Is A Life Insurance Policy Illustration” [Screenshot by The College Investor]
Home Ownership And Mortgage
Here are some topics related to home ownership and mortgages. We also included topics related to home buying.
Google search screenshot of query “Do I Qualify For An FHA Loan?” [Screenshot by The College Investor]
Google search screenshot of query “Can I Get Rid Of PMI?” [Screenshot by The College Investor]
Verdict: Correct
This was a nice improvement on the nuances of escrow accounts.
Google search screenshot of query “Do I Have To Have An Escrow Account?” [Screenshot by The College Investor]
Google search screenshot of query “Should I Have A Home Inspection?” [Screenshot by The College Investor]
Verdict: Missing Key Information
This can be a costly mistake to simply state “yes”. Furthermore, some states have non-refundable earnest money.
Google search screenshot of query “Can I Get My Earnest Money Back If I Cancel A Deal?” [Screenshot by The College Investor]
Verdict: Correct
This is a much better answer than last year.
Google search screenshot of query “How Much Earnest Money Do I Have To Put Down?” [Screenshot by The College Investor]
Verdict: Missing Key Information
I don’t think it understands the query in relationship to the latest changes from the NAR Lawsuit.
Google search screenshot of query “Do I Have To Pay The Sellers Commission?” [Screenshot by The College Investor]
Verdict: Correct
But notice the image that was used from Investopedia and not cited.
Google search screenshot of query “What Is A Home Equity Investment” [Screenshot by The College Investor]
Financial Aid And Paying For College
Here are some financial topics relating to paying for college, including about the FAFSA and other financial aid tools.
Verdict: Correct
This was an improvement over last year – it’s correct. It’s also nice to see them link to my Forbes piece directly.
Google search screenshot of query “When Does The FAFSA Open?” [Screenshot by The College Investor]
Verdict: Missing
This AI Overview was removed between last year and this year. Here’s what an SAI is if you’re curious.
Verdict: Incorrect
This information is inaccurate as this is a fact that can be verified. In fact, the AI Overivew proves itself wrong – USC is the second-most expensive college. Vassar College is the first (and you can see the price listed in the very last bullet is higher than USC’s).
The correct list of the most expensive colleges is here, based on tuition.
Google search screenshot of query “What Is The Most Expensive College In The United States?” [Screenshot by The College Investor]
Verdict: Incorrect
Again, the answer provided by the AI Overview was incorrect and simply provided a similar result. This time instead of using “Tuition” it appears to use total cost of attendance.
Here is the correct list of colleges with the highest tuition. Vassar College tops the list this year.
Google search screenshot of query “Which Colleges Have The Highest Tuition?” [Screenshot by The College Investor]
Verdict: Correct
Pretty good answer about financial aid programs.
Google search screenshot of query “How Does Financial Aid Work?” [Screenshot by The College Investor]
Verdict: Correct
This is another good answer about having to repay grants and the nuance involved.
Google search screenshot of query “Do You Have To Pay Back Grants?” [Screenshot by The College Investor]
Verdict: Misleading
You always get an FSA ID without your parents. It appears to mix up filing the FAFSA and getting an FSA ID.
Last year, it answered this question correctly.
Google search screenshot of query “Can I Get An FSA ID Without My Parents?” [Screenshot by The College Investor]
Verdict: Misleading
While the answer does break down the criteria for filing independent for FAFSA, we see this as one of the biggest mistakes that families make filing the FAFSA. It also uses the wrong year for the FAFSA (it’s pulling in last year’s data here).
The answer is “No” for most undergraduate students.
Google search screenshot of query “Can I File As Independent For FAFSA?” [Screenshot by The College Investor]
Verdict: Missing Key Information
This answer got worse than last year. While the first sentence is true, it’s missing key information such as: if the student is independent, the 529 plan counts as their asset. And if the 529 plan is owned by a grandparent or other relative, it’s not counted at all.
Google search screenshot of query “Does A 529 Plan Hurt My FAFSA?” [Screenshot by The College Investor]
Verdict: Correct
It’s funny that it missed this answer on the previous question, but correctly answered about Grandparent-owned 529 plans here.
Google search screenshot of query “Does a Grandparent 529 Plan Count For FAFSA” [Screenshot by The College Investor]
Verdict: Correct
It got this wrong last year, and it’s fixed now.
Google search screenshot of query “Does A Roth IRA Count For FAFSA?” [Screenshot by The College Investor]
Verdict: Correct
The CSS Profile does count retirement accounts like the Roth IRA in their own separate area, and schools may use this information.
Google search screenshot of query “Does A Roth IRA Count For CSS Profile?” [Screenshot by The College Investor]
Google search screenshot of query “Where Do I Get Scholarships” [Screenshot by The College Investor]
Verdict: Correct
Notice that they are using our infographic from this article about grants without linking to our site.
Google search screenshot of query “Where Do I Get Grants To Pay For College?” [Screenshot by The College Investor]
Expert Opinions
We asked the following questions to a panel of experts to get their perspectives on the issues raised in the study and AI in general. You can read their bios and responses below. Just click “Read More” under the expert’s name.
- Do you think Google AI Overviews are problematic? Why or why not?
- Do you think that Your Money or Your Life (YMYL) queries should be held to a higher standard?
- What do you think Google needs to do to improve?
- Do you think the average Google user knows that these answers may be incorrect?
Do you think Google AI Overviews are problematic? Why or why not?
I think Google AI Overviews can be both helpful and problematic. They make it easy for people to find quick answers to their questions but the summaries can miss important context, and for the military community, there are a lot of nuances around pay and benefits that are important.
The overviews can be risky because service members and veterans are frequently the target of misleading financial products because of their steady income and valuable benefits. AI-generated overviews sometimes pull from sources that aren’t trustworthy or are designed to sell something rather than educate.
For example, if a service member searches, “Can I invest in gold in the Thrift Savings Plan?”, the AI Overview might correctly state that it isn’t an option in the TSP, but it could also link to articles or companies trying to get them to buy gold. The initial answer is technically correct, but the links can steer someone toward sales pitches or bad financial advice. That’s where the overviews can be a problem, especially for those who don’t have a strong understanding of personal finance.
Do you think that Your Money or Your Life (YMYL) queries should be held to a higher standard?
Yes, YMYL queries should be held to a higher standard. People might not use Google to perform surgery on themselves, but they will often rely on it to make financial decisions that can affect their lives for years. For example, if a service member searches “how to get out of debt,” the result links might lead to paid debt consolidation services instead of showing that free financial counseling is available on every military installation. I get wanting quick answers, but accuracy matters in personal finance.
What do you think Google needs to do to improve?
Google can improve by giving more weight to authentic sources that have both expertise and experience in the area, especially in areas like personal finance for the military community. Financial advice isn’t one-size-fits-all, and what’s accurate for a civilian might not apply to someone in the military or a veteran. The results would be more accurate and trustworthy if they gave priority to sources that have both financial expertise and real military experience.
Do you think the average Google user knows that these answers may be incorrect?
No, most people don’t know they’re getting the wrong answers. People turn to Google because they don’t have experience or knowledge in what they’re searching for. They’re searching because they need help. That means that in most cases, they assume the answer they get is correct and don’t know to question it. Unless someone double-checks the information somewhere else, they may never realize it’s wrong. And most people just want a quick answer, so they aren’t digging deeper.
Do you think that Your Money or Your Life (YMYL) queries should be held to a higher standard?
Absolutely. But the challenge is accurately identifying what qualifies as YMYL queries. Even when something is not that, it may have indirect affect on people’s life choices. Knowing what we know about the impacts of online searching, we should always exercise caution and maturity in answering queries.
What do you think Google needs to do to improve?
A lot! The blind rush to AI-fy everything is already hurting people and will continue hurting more — especially those who are vulnerable. Think about those teenagers who took their lives after conversations with an AI chatbot or the cases of revenge porn and deepfakes that haunt many young women. Google has a huge responsibility in doing the right thing rather than doing the fast thing. People count on it to provide access to accurate and authoritative information and that’s a huge responsibility. We want to see better guardrails, better tools for combating misinformation and hallucinations, and better accountability when things go wrong. A car company can’t provide a faulty machinery and blame the driver when it malfunctions. Google needs to stand by what it provides instead of hiding behind Section 230.
Do you think the average Google user knows that these answers may be incorrect?
No. We have learned this through many studies and interviews that an average user has blind trust in Google. Unless something really sticks out as an obviously wrong thing, an average user is not going to be aware of incorrectness in Google’s answers.
Do you think Google AI Overviews are problematic? Why or why not?
AI overviews can be problematic. They provide a nice summary that is helpful most of the time. However, they can be misleading or sometimes flat wrong enough to cause potential damage.
For example, I’ve had clients come in thinking they’d qualify for a tax credit because of an AI answer, only to find out it was incorrect. It has improved a bit, but it’s just not there yet.
Do you think that Your Money or Your Life (YMYL) queries should be held to a higher standard?
Your money or your life queries should have a higher standard. When an AI provides a summary, its tone communicates authority. The challenge is much in personal finance has to be answered with “it depends.” There have been clients I’ve told paying off the mortgage is the right thing and others paying it off was the wrong thing. So much depends on one’s personal situation.
What do you think Google needs to do to improve?
Since much of personal finance depends on one’s unique situation, Google could train the AI to provide pros/cons to personal finance questions and offer varying opinions of how to approach the answer one is querying. This often leaves a user with less than desired feeling but it seems to be appropriate considering the potential consequences people may face with misleading or wrong information.
Do you think the average Google user knows that these answers may be incorrect?
I think the average Google user believes the answers given are correct but I think many will take the answers with a hint of skepticism.
Do you think Google AI Overviews are problematic? Why or why not?
I think that they are fine, and slowly getting better, but the asymptote of their accuracy is going to peak at maybe 66% given the amount of misinformation out there, especially in quickly changing industries like the college application process (my industry).
It’s a great way to get a fast gut check on low-risk things, but it would be foolish for anything of importance to rely purely on the AI overview, such as five and six figure implications of various college and finance aid decisions.
What do you think Google needs to do to improve?
The algorithm will be asymptotic unless they start allowing users to VERY easily flag and report wrong information, almost like an X Community Note. That gets expensive though and then politics and swarms of people could get accurate information to take it down. I’d almost respect the algorithm continuing to algo more than the risk of human collusion on things.
Do you think the average Google user knows that these answers may be incorrect?
The average Google user can name more Kardashians than members of Congress or Cabinet members, so in short, no.
Jeremy Caplan
Director of Teaching and Learning, CUNY’s Newmark Graduate School of Journalism
Founder, Wonder Tools
Mr. Caplan did not comment on the results of the study directly, but did share commentary on AI and personal finance in general:
The search market is becoming more competitive as people increasingly rely on services like Perplexity, ChatGPT, and other AI platforms, to answer questions.
Any player enabling search has a strong incentive to figure out ways to improve the quality and accuracy of responses. The market is moving so quickly that some product features have been rushed out, but AI competition will force those offering search to make improvements. If they don’t lower their error rates, consumers will find more reliable alternatives.
NEFE did not comment on the results of the study directly, but did want to share some commentary on AI and personal finance in general:
Personal finance is a growing/evolving area of content on AI and social media platforms, and it can be appealing because it’s digestible in short bursts of info and has ease of access.
While millions of people are getting advice in these forums, you cannot always reasonably discern or verify everything that is seen as accurate or truthful.
There are resources to boost one’s financial acumen, and there are many communities to openly talk about money and finances. But everything needs to be taken in as part of an overall strategy for your individual financial management—with an understanding of the Personal Financial Ecosystem (this is a framework that NEFE developed to better understand financial factors related to well-being).
Financial education is not a panacea and cannot solve all economic challenges. There is no one-size-fits-all approach to building wealth or financial security quickly. Information available online and on social media platforms provides information, and information is power. But building financial well-being is a life-long process that requires patience and adaptability.
Financial information is very nuanced and should be tailored to one’s individual circumstances and short bursts of information cannot adequately address those varied needs. People should:
- Check sources
- Understand their financial values
- Know their financial goals and priorities
- Consult trusted family and friends
- Seek vetted professional financial advice when they can
- Take online queries and social media with grain of salt and skepticism
- Understand there is no easy, get-rich-quick ways to achieve financial well-being
Methodology
These AI overviews were collected on October 12 and 13, 2025 using a Chrome browser in incognito mode with a California IP address. We focused on major questions in each personal finance topic area, along with trends of questions we’ve seen being asked on social media.
