A new survey says more Ontarians are using AI for financial advice
What could go wrong?
The results of a new survey say that more Ontarians are turning to artificial intelligence for financial advice.
The Financial Advice in the Age of Social Media and AI Report, recently published by credit counselling agency Money Mentors, based on data compiled by Angus Reid, found that 17 per cent of Ontario-based respondents admitted to asking an AI tool to provide financial guidance in the last year.
Just five per cent said they’d used financial counselling or debt-support services, even if free or low-cost.
Nationally, one in seven of the survey’s respondents (around 15 per cent) said they’d gone to AI tools such as ChatGPT, Claude or Gemini for financial guidance in the last year.
The survey results also found an interesting generational distinction: Gen Z appears to be most likely to take financial advice from social media platforms, such as TikTok, with 37 per cent in the age group saying they seek digital financial advice that way.
Millennials were the likeliest generation to take their money questions to AI.
Related: Ontario’s mortgage delinquency rate has spiked by 52 per cent
Carly Lewis is a journalist whose work has appeared in the New York Times and the New York Times Magazine, Vanity Fair, Wired, Interview Magazine, Pitchfork, Elle, and Maclean’s, where she is a contributing editor. Her work has been recognized by the National Magazine Awards and the Digital Publishing Awards. She reports on city life, culture—including what people do online—politics, art and crime. She received the Dave Greber Freelance Writers Award for “The Murder of Ashley Wadsworth,” an investigative feature about a Canadian teenager who was killed by a man she met on social media, published by Maclean’s.
