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.

CALGARY, Alberta--(BUSINESS WIRE)--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.

The survey reveals that online advice is influencing real financial decisions, yet many Canadians remain disconnected from free or low-cost non-profit support: 51% were unaware these services existed, while another 38% knew about them but had never accessed them.

A GENERATIONAL SHIFT IN WHERE CANADIANS GET FINANCIAL ADVICE

Nearly one in three Canadians (32%) turned to online sources for financial advice in the past year, including social media, AI tools, podcasts, news articles or books. The shift is most pronounced among younger Canadians:

• 47% of Canadians aged 18-34 sought financial advice online in the past year, compared to just 17% of those 55 and older
• Younger Canadians are leading the shift toward digital financial advice. Gen Z reported the highest use of social media for financial guidance (37%), while Millennials were the most likely generation to use AI tools such as ChatGPT, Claude or Gemini (24%).
• Across all Canadians, 15% used AI tools such as ChatGPT, Claude or Gemini in the past 12 months, a category that barely existed three years ago

WHAT ARE CANADIANS ACTUALLY LOOKING FOR WHEN THEY SEEK FINANCIAL ADVICE ONLINE?

While Canadians continue to trust traditional financial professionals most, many are increasingly turning online for financial guidance that feels faster, more relatable and easier to access.

Nearly three-quarters of Canadians (73%) said they trust a bank, credit union or licensed financial professional for financial advice or guidance. However, among Canadians who sought financial advice online:

• 69% said online information is faster to access
• 47% said they prefer to educate themselves before speaking with a professional
• 36% said online advice feels more relatable, personal or easy to understand
• 27% said they can access information anonymously
• 23% said they can receive advice without feeling judged

While traditional financial sources remain the most trusted overall, trust alone is not always enough to drive people toward qualified support.

CANADIANS ARE MAKING REAL FINANCIAL DECISIONS BASED ON ONLINE ADVICE

Canadians are using digital guidance for their financial choices, where mistakes can be costly. Among those who sought financial advice online, the decisions most likely to be directly influenced included:

• 37% savings decisions involving TFSAs, RRSPs or emergency funds
• 37% investment decisions, including stocks, ETFs or cryptocurrency
• 28% budgeting or day-to-day expense decisions
• 23% paying down or managing debt
• 18% applying for a credit card, loan or line of credit
• 7% managing a Buy Now, Pay Later expense

While 56% of online advice users said the advice had a positive impact on their financial situation, a significant share could not confirm that it improved their finances. More than one-quarter (26%) said it had no real impact, while 16% said it was too early to tell or they were not sure.

CANADIANS AREN’T JUST AVOIDING COSTS; THEY’RE ALSO AVOIDING PRESSURE, JUDGMENT AND EARLY INTERVENTION

Canadians avoid professional financial advice. Many are also seeking guidance that feels faster, less intimidating and easier to access. Among Canadians who used online financial advice:

• 34% said they did not want to feel pressured by a professional
• 34% found other sources faster or more convenient
• 28% wanted advice that was easier to understand

One of the most striking findings: More than one in four Canadians (27%) said they did not seek professional financial advice because they did not think their situation was serious enough, a perception that Money Mentors warns can quietly delay help until problems have compounded.

“The most concerning findings in this report aren’t that Canadians are using AI or social media; it’s that more than one in four didn’t reach out for professional help because they didn’t think their situation was serious enough,” says Stacy Yanchuk Oleksy, CEO of Money Mentors. “We see this every day. By the time people come to us, they’ve often been carrying financial stress along for months or years. Online research can be a starting point, but it shouldn’t be the final word on debt, credit or investing. Free, accredited help exists in every province. The earlier people reach out, the more options they have.”

A FREE, GOVERNMENT-BACKED OPTION MOST CANADIANS HAVEN’T HEARD OF

For Canadians struggling with debt, one of the most effective forms of help remains one of the least known. The Orderly Payment of Debts (OPD) program is a federally recognized debt repayment program that allows Canadians to consolidate unsecured debts into a single monthly payment with interest reduced or eliminated, without filing for bankruptcy or a consumer proposal. As the exclusive non-profit administrator of the OPD program in Alberta, Money Mentors offers free credit counselling and debt solutions to individuals, couples and families. The organization is calling on Canadians who are feeling financial pressure or who are unsure where to turn to reach out before situations become more difficult to resolve.

For more information, visit www.moneymentors.ca.

About Money Mentors

Money Mentors is the only Alberta-based non-profit credit counselling agency. For more than 25 years, our experienced team of accredited counsellors has been working with Albertans to help them get out of debt, manage their money and plan for the future.

Our mission is to educate Albertans in personal money management and the wise use of credit, and to provide alternatives for families and individuals facing financial crises. For more information, visit www.moneymentors.ca to contact an accredited counsellor.

Methodology

These findings are from a survey conducted by Money Mentors from May 19 to 21, 2026, among a representative sample of 1,501 Canadian adults who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of approximately +/- 2.5 percentage points, 19 times out of 20.