Canadians Are Turning to AI for Financial Advice Before Seeking Professional Help, New Survey Reveals
A new national report from Money Mentors finds younger Canadians increasingly rely on ChatGPT, TikTok and online communities for financial guidance due to speed, convenience and emotional comfort.
With affordability pressures continuing to weigh on households, many Canadians are looking for fast, accessible financial guidance online before finding free or low-cost non-profit support, according to the Financial Advice in the Age of Social Media & AI Report issued by Money Mentors, an Alberta-based non-profit credit counselling agency, conducted in partnership with Angus Reid.
One in seven Canadians (15%) turned to AI tools such as ChatGPT, Claude or Gemini for financial guidance in the past year. By comparison, only 6% have ever used a non-profit financial counselling or debt support service, despite these services being free or low-cost. Alberta is at the leading edge of the trend. More than four in 10 Albertans (41%) sought financial advice online in the past year, the highest rate in the country, and well above the national average of 32%. Albertans were also the most likely Canadians to consult AI tools (21%) and social media (21%) for financial guidance.
