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Generative AI for Individuals’ Financial Well-being and Debt Rehabilitation

In: Generative AI, Contracts, Law and Design

Author

Listed:
  • Nina Toivonen

    (University of Helsinki)

  • Marika Salo-Lahti

    (University of Vaasa, School of Accounting and Finance, Business Law)

  • Mikko Ranta

    (University of Vaasa, School of Accounting and Finance, Accounting)

  • Helena Haapio

    (University of Vaasa, School of Accounting and Finance, Business Law
    Tampere University, JARGONFREE Contract Language Research Group
    Lexpert Ltd)

Abstract

TechnologyTechnology plays a significant role in today’s over-indebtedness. However, its potential to help people overcome debt problems and maintain good financial healthFinancial health remains largely untapped. The need for alternative, personalized solutions to over-indebtedness is becoming increasingly pressing worldwide, especially since many people struggling with debt do not have access to judicial debt rehabilitationDebt rehabilitation programs. This chapter explores how generative AIGenerative AI (GenAI) could support individuals in financial distress. Using the behavioral COM-B modelCOM-B model as a framework for designing effective interventions, we discuss how AI could help improve individuals’ capabilities, opportunities, and motivation to achieve financial well-beingFinancial well-being, and what solutions already exist for these purposes. Inspired by fitness applications that offer personalized advice, we used OpenAI’s GPT Builder to create “Finance FriendFinance friend,” a simple prototype of a financial adviser, and explored its potential as a personalized financialPersonalized financial coaching coach. While the tool shows great promise for the future of financial coaching, we also emphasize the need for trustworthy technologyTechnology and regulatory frameworks that promote responsible design, implementation, and use of AI in the context of debt rehabilitationDebt rehabilitation.

Suggested Citation

  • Nina Toivonen & Marika Salo-Lahti & Mikko Ranta & Helena Haapio, 2025. "Generative AI for Individuals’ Financial Well-being and Debt Rehabilitation," Perspectives in Law, Business and Innovation, in: Marcelo Corrales Compagnucci & Helena Haapio & Mark Fenwick (ed.), Generative AI, Contracts, Law and Design, pages 127-147, Springer.
    • Handle: RePEc:spr:perchp:978-981-95-2058-9_8
    DOI: 10.1007/978-981-95-2058-9_8
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