The Danger of AI to Your Pocket

With the recent boom in artificial intelligence (AI), nearly everyone—from primary school kids to working adults—has jumped on the AI bandwagon. AI is no longer confined to researchers and tech developers; it has become a tool for the masses. The most accessible example is AI chatbots, such as ChatGPT, which are now used in various aspects of our daily lives.

As a student pursuing higher education, I’ve been exploring the impact of AI on work and, by extension, our financial lives. This exploration has led me to uncover not just the benefits but also the potential dangers of relying heavily on AI, especially on our wallets.

What is AI?

Many people mistakenly equate AI with automation, but AI goes far beyond traditional automation. While automation involves using programmed logic to perform tasks, AI is designed to mimic human intelligence, enabling it to learn, reason, and make decisions independently. For example, automation relies on rigid "if-then" pathways, but true AI can analyze complex patterns and adapt to new information without explicit instructions.

Some companies claim they have integrated AI into their services, but in reality, they are often using enhanced automation systems disguised as AI. This tactic misleads the public into believing they’re benefiting from cutting-edge technology when, in fact, they’re engaging with more conventional programmed processes. A genuine AI system should offer a transformative experience, distinct from mere automation. This distinction is essential because only true AI has the potential to reshape industries and, eventually, the way we live and work.

How Will AI Impact Our Work?

A common concern is that AI will lead to massive job losses. While it’s true that AI could replace certain roles, this statement oversimplifies the situation. History shows us that technological advancements often eliminate some jobs but create entirely new ones in the process. For instance, when machines revolutionized manufacturing, they replaced manual labor in some areas but simultaneously created opportunities in machine operation, maintenance, and even engineering.

AI will likely follow a similar path. Jobs requiring repetitive, rule-based tasks may disappear, but new roles—such as AI trainers, ethicists, and developers—will emerge. However, the transition won’t be smooth for everyone. Those who fail to adapt to these changes may find themselves left behind, leading to financial instability.

Impact on Our Pockets

AI’s influence won’t just stop at the workplace—it will extend to our wallets. Just as smartphones transitioned from being a luxury to an essential part of modern life, AI-based services are likely to follow a similar trajectory. Today, most AI tools, like chatbots, are offered for free or with limited functionality. But as these tools become integral to our lives, monetization is inevitable.

Imagine if critical AI services—like virtual assistants, job applications, or even education tools—begin operating on subscription-based models. These subscriptions might initially seem affordable, but over time, they could become significant recurring expenses, similar to how streaming services or cloud storage have crept into monthly budgets.

The risk is that, as society becomes increasingly dependent on AI for convenience, communication, and productivity, companies behind these systems could exploit this dependency. In some cases, there may be no alternative but to subscribe to these services, effectively forcing us into a financial commitment. In the worst-case scenario, this could deepen the divide between those who can afford these technologies and those who cannot.

Current Impact on Me

I’ve used AI tools like ChatGPT and Google Bard extensively in both my personal and professional life. While I am capable of rephrasing and refining the suggestions provided by these chatbots, I worry that future generations may become overly reliant on AI from a young age, potentially losing the ability to think critically and create independently.

I must admit that I’ve also leveraged ChatGPT for my postgraduate assignments. In fact, its assistance contributed to me achieving a 4.5/5.0 GPA during my first semester. At my institution, the use of AI in academic work is permissible as long as proper credit is given and the process is transparently explained.

At work, ChatGPT has been a game-changer for me. It helps me draft the majority of my emails, allowing me to focus on decision-making while maintaining professional communication. This level of efficiency has been invaluable, but it also highlights how deeply AI has become integrated into my daily routines.

Interestingly, I’ve noticed a significant shift in how I search for information. Rather than using traditional search engines like Safari or Chrome, I now rely more heavily on AI tools like ChatGPT and Google Bard for quick, concise answers. This change has made web browsers feel almost redundant in certain situations, further illustrating how AI is reshaping not only my work and studies but also my habits and preferences.

Conclusion

AI has the potential to revolutionize how we work and live, but with great potential comes significant risks—particularly to our financial well-being. While AI promises to unlock new opportunities, it also presents challenges for those struggling to keep up with its rapid evolution.

As AI becomes an indispensable part of modern life, concerns about the monetization of these tools are growing. Many AI services are currently free, but as we’ve seen with other technologies, what starts as a convenience often turns into a paid necessity. For example, YouTube began as an ad-free platform, but users now face the choice of enduring ads or subscribing to YouTube Premium. Similarly, many social media platforms have adopted a dual model of advertising or paid subscriptions to generate revenue. AI-based services are likely to follow this trend, requiring users to pay for advanced features or ad-free experiences.

If left unchecked, this shift could create a financial divide, where only those who can afford these technologies can fully benefit from them. This divide risks leaving low-income individuals and communities behind, exacerbating existing inequalities. To ensure a fair and accessible future, it’s crucial for us as consumers to remain vigilant, advocate for transparency, and push for equitable use of AI systems. While the promise of AI is immense, it should enhance our lives without becoming an unavoidable financial burden for the majority.

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