Generative artificial intelligence (AI) has become a major research trend in the fields of education and psychology. However, several risks posed by this technology concerning the cognitive and socio-emotional development of children and adolescents have been identified. While it would be highly useful to have a clear understanding of these potential negative effects, empirical results cannot be obtained without putting the participants of these studies in a situation that potentially endangers their development. Research fields such as the biomedical sciences utilize several measures to minimize risks, such as dose escalation and stopping rules. In addition, dynamic and flexible forms of informed consent could be adopted by our field to maximize transparency. By including methodological advancements and ethical developments in the psychological and educational research process, risks could be averted, and the ethical soundness of AI research involving children and adolescents could be maintained.