  We assess the ability of GPT -- a large language model -- to serve as a
financial robo-advisor for the masses, by using a financial literacy test.
Davinci and ChatGPT based on GPT-3.5 score 66% and 65% on the financial
literacy test, respectively, compared to a baseline of 33%. However, ChatGPT
based on GPT-4 achieves a near-perfect 99% score, pointing to financial
literacy becoming an emergent ability of state-of-the-art models. We use the
Judge-Advisor System and a savings dilemma to illustrate how researchers might
assess advice-utilization from large language models. We also present a number
of directions for future research.
