In today’s world, AI technology plays a crucial role in rapidly transforming every aspect of our lives. Its influence extends from managing finances to enriching our emotional and physical well-being.
This article features key highlights from the latest episode of ‘Circle of Well-being by Union Assurance’ featuring Dr. Sumanaruban Rajadurai, the Principal Machine Learning Engineer at OCTAVE, John Keells Holdings PLC. In this episode, he sheds light on how AI impacts financial, emotional, and physical well-being, providing a unique perspective grounded in cutting-edge research and practical applications.
Introduction to AI
AI or Artificial Intelligence refers to machines and systems designed to mimic human learning, reasoning, and behaviour. These systems can analyse vast datasets, learn autonomously, and perform tasks that typically require human intelligence. A prime example is ChatGPT, an AI model trained on large volume of text datasets, enabling it to provide human-like responses and knowledge. AI is increasingly used in industries like healthcare, automotive, retail and banking, revolutionising the way we work, live, and interact with technology.
Impact of AI on Our Well-being
In this article, we explore how AI is shaping various aspects of our well-being—financial, emotional and physical.
Financial Well-being
Financial well-being involves managing money wisely, growing savings and ensuring long-term financial security. However, many people have low financial literacy. For example, a study in Britain revealed that 11.5 million people have only £100 or less in savings and 22 million have no retirement plans.
AI can address this by analysing vast amounts of financial data, providing personalised insights and offering expert advice on financial management. Banks like Singapore’s DBS Bank use AI to help customers set goals, save and invest more effectively. Customers who use these AI models save 83% more, invest four times more and obtain twice as much insurance, significantly improving their financial security.
Emotional Well-being
Globally, 800 million people suffer from mental health issues, with suicide rates alarming high in regions like South Asia. Timely access to mental healthcare is a critical issue, particularly in Sri Lanka.
Finding a qualified Cognitive Behavioral Therapist (CBT) can be difficult, and people may require immediate support, even during unconventional hours like 2 a.m., when feelings of depression or anxiety often intensify. The high cost of therapy is another barrier, even in developed countries, while in developing nations, lack of awareness compounds the issue. Additionally, the stigma associated with visiting a psychiatrist prevents many from seeking professional help, causing individuals to silently endure their struggles.
AI-powered mental health solutions can bridge these gaps. These systems provide 24/7 support, offering immediate, cost-effective and stigma-free assistance to those in need. Apps like ‘Together by Renee exemplify this approach. Founded by Dr. Renee Dua, Together emphasizes the connection between mental and physical health, providing tools to enhance overall well-being. Millions of people worldwide are already leveraging AI-driven mental health apps daily, demonstrating their potential to make mental health care accessible and affordable for all.
Physical Well-being
Wearable devices such as the Apple Watch and Fitbit collect data on heart rate, blood pressure and other health metrics. Through AI analysis, they offer personalised health recommendations and may soon predict physical issues months in advance.
In clinical settings, AI is proving invaluable. For example, AI-assisted tools are enabling doctors to detect conditions like cancer in their early stages, significantly improving patient outcomes and facilitating more proactive healthcare.
By integrating AI into clinical and personal health monitoring, healthcare providers and individuals can ensure better outcomes and a more proactive approach to physical well-being.
Influence of AI on Child Development
As AI continues to reshape various aspects of well-being, its influence on the next generation becomes a crucial area of focus. While its potential benefits are immense, understanding and addressing its impact on key aspects of child development is essential to fostering a healthy balance.
AI can have both positive and negative impacts on children’s development. While AI can enhance learning by adapting to individual needs, excessive use may hinder emotional development, critical thinking and social skills. Children should be encouraged to try solving problems themselves before turning to AI for support. Parents should regulate AI use, ensuring it fosters learning without hindering social interaction among children.
Emotional Development:
While AI can simulate interactions, it lacks the depth and authenticity of human emotions. Overuse may impede emotional growth, as children miss out on learning from real-world human interactions.
Critical Thinking and Problem-Solving:
Teaching children digital literacy and critical thinking is vital. As AI evolves, they must learn to question and evaluate AI-generated content, fostering discernment and adaptability in an AI-driven world.
Social Skills:
Excessive dependence on AI can negatively impact social skills, making children less likely to prioritise relationships or understand others’ emotions. Developing interpersonal skills is essential to counterbalance AI’s influence.
By carefully balancing AI’s potential benefits with its risks, we can use it to enrich our financial, emotionaland physical well-being while fostering responsible use among future generations.
As we embrace the numerous ways AI enhances our lives, it is equally important to examine its potential drawbacks, and the measures required to mitigate these risks.
Drawbacks of AI and Mitigating Risks
AI, like any other technology, comes with its drawbacks and potential risks. One significant concern is the spread of misinformation (i.e. hallucination). AI systems can sometimes offer misleading advice or generate false information such as the recent incidents when ChatGPT suggested a divorce and provided unsafe food preparation methods using chemicals like chlorine.
Another issue is over-reliance on AI which can undermine human creativity, memory and critical thinking skills. As people become more dependent on AI, they may lose the ability to think independently or solve problems without its assistance. Additionally, responses from AI systems can be biased, potentially reflecting the political, racial and/or linguistic preferences of the developer, which can lead to biased results.
A growing concern is the use of AI to create realistic fake videos and audio (i.e. deepfakes). These AI-generated media can deceive people into believing false scenarios which may have detrimental effects on the well-being of targeted individuals and groups. AI’s ability to impersonate people has become a growing concern worldwide.
Perhaps the most pressing issue is the potential for AI to outpace human control. AI expert and winner of the 2024 Nobel Prize in Physics, Geoffrey Hinton, who has spent decades researching the technology, warns that AI could surpass human intelligence in the next 20 years, raising concerns about its autonomy and potential to operate without human oversight.
To address these risks, international organisations like the United Nations are working to establish ethical guidelines and best practices for AI development. Governments are also creating laws to regulate its use. Experts such as Elon Musk and Hinton suggest that a global agreement similar to those governing nuclear, chemical and biological weapons is essential to ensure the responsible use of AI and prevent harmful consequences.
Final Remarks
AI has the potential to greatly enhance our well-being—financial, emotional, and physical. However, it is essential to balance its benefits with the risks it poses, especially in areas like child development, misinformation and over-reliance. By fostering responsible use, encouraging critical thinking and implementing ethical guidelines, we can harness AI’s power for the greater good.
As we move forward, thoughtful regulation and awareness will be key in ensuring AI contributes positively to society. Ultimately, with careful management, AI holds the power to transform lives, driving progress and enriching human well-being.
