It appears that there is a growing trend among Canadians to utilize artificial intelligence (AI) in managing their personal finances. According to a report released by BMO, up to 33% of Canadians are using AI for various financial tasks such as learning about personal finance topics, creating household budgets, identifying investment strategies, and updating financial plans.
Interestingly, the report indicates that Gen Z Canadians are the most likely to use AI for managing their investments, with 55% of this demographic relying on AI for investment management. This percentage is higher than any other generation, according to BMO.
Gayle Ramsay, head of Everyday Banking Segment and Customer Growth at BMO, stated in the press release that AI can be a transformative technology in the realm of personal finance, as it can quickly analyze information and generate ideas. However, Ramsay also emphasized that people’s relationship with money is complex, personal, and emotional, and AI should be used as a tool to build financial literacy and make informed decisions, rather than replacing human guidance from professional advisors.
The report also found that 85% of Canadians believe they are making “real financial progress,” with 78% of these individuals feeling confident in their financial situation. Furthermore, 44% of Canadians believe that AI-powered tools can help them make real financial progress.
The research detailed in this report was conducted by Ipsos in Canada from June 3rd to 20th, 2024, with a sample of 2,500 adults aged 18 and over. The survey had a credibility interval of +/- 2.4% 19 times out of 20, meaning that the results would have been the same if all Canadian adults aged 18 and over had been surveyed. Quotas and weighting were used to ensure the sample’s composition reflected that of the Canadian population according to census parameters.
