The rapid advancement of artificial intelligence (AI) has recently led to the more popular development and use of AI-powered personal financial planning (PFP) applications. These apps are useful in enhancing users’ financial management and data-driven decision-making in short- and long-term. Thus, there is the need to explore the underlying factors influencing the behavioral intention of different groups of people to use such tools. Our study utilizes the UTAUT model to investigate the impact of financial literacy and trust in AI technology on the intention to use AI-based personal finance apps among female students. SmartPLS version 4.1.1.2 is employed to examine the relationships between the latent constructs, including financial literacy, trust in AI technology, performance expectancy (PE), effort expectancy (EE), social influence (SI), facilitating conditions (FC) and behavioral intention to use (INT). We found that the effect of EE on INT is the strongest. Our findings also confirm that financial literacy positively influence the intention to use AI-powered finance apps. The results indicated that neither the effect of Facilitating Conditions, nor Trust in Technology, on the intention to use AI-powered PFP apps was significant.