For years, AI was primarily a spot to ask general questions on budgeting, investing, or debt. Now we’re getting closer to becoming an lively participant in our financial life. Asking ChatGPT to elucidate how a TFSA works may be very different than telling them your transaction history, spending habits, debts and account balances. The conversation is shifting from education to personalization, raising latest questions on privacy, trust and responsibility.
The timing is interesting since it comes amid a growing debate about how much trust consumers should place in AI relating to money. This debate recently spread to most of the people when best-selling creator and podcast host Mel Robbins encouraged people to upload their financial information to AI tools and ask for advice. The advice was immediately met with resistance from financial experts and privacy advocates, who questioned the risks of sharing sensitive information and the wisdom of relying too heavily on AI-generated advice.
The criticism wasn’t really about Mel Robbins, but about something much greater: Who else will we trust with our money?
Canadians are already turning to AI for financial advice
According to latest research from Money MentorsOne in seven Canadians (15%) turned to AI tools like ChatGPT, Claude or Gemini for financial advice last 12 months, a category that hardly existed three years ago. If you have a look at online sources more broadly (social media, AI, podcasts, news articles and books), the number rises to almost one in three (32%).
The change is strongly intergenerational. 47 per cent of Canadians aged 18 to 34 looked for financial advice online prior to now 12 months, in comparison with just 17 per cent of those aged 55 and over. Generation Z was probably to report using social media for financial advice, while Millennials were probably to make use of AI.
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More interesting is the why. Of Canadians who sought advice online, 69% said it was simply easier to access information online. But the explanations are quickly becoming less practical and more personal: 36% said online advice felt more relatable and easier to grasp, 27% valued accessing information anonymously, and 23% said they might receive advice without feeling judged. For many, AI and online sources don’t replace skilled advice. They filled the gap between confusion and confidence.
This perhaps says as much about Canadians because it does about AI: talking about money is tough. Not because budgeting and investing are complicated; Most of the recommendation is predicated on the identical basic principles, corresponding to spending lower than you earn and saving frequently. The challenge is that cash is emotional. It causes stress, anxiety and uncertainty and plenty of families still treat it as something that shouldn’t be discussed openly.
I can not remember the last time I had a really honest conversation with a friend about money. Not a conversation about inflation or mortgage rates, but an actual conversation where someone admits they’re frightened about debt, unsure in the event that they’ve saved enough, or frightened about retirement. These conversations appear to be becoming increasingly rare. And social media hasn’t helped.
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Social media has given us unprecedented insight into other people’s lives. We see vacations, renovations, latest cars, investment gains, and side hustles that appear like they print money. What we do not see are the missed payments, the fears, the bad decisions or the sleepless nights behind the scenes.
The result’s an odd contradiction. Canadians have more access to financial information than ever before, but many do not seem comfortable talking about it openly. That might explain why so many are turning to places that feel less intimidating than traditional channels, be it AI, Reddit, YouTube or online communities, where they’ll learn privately and ask questions without embarrassment. This creates a vacuum, and every time a vacuum exists, something fills it.
Today, that something is increasingly digital and increasingly AI. Not because AI is more competent than financial professionals, but since it removes the emotional barriers that prevent people from in search of assist in the primary place. It doesn’t judge. It doesn’t interrupt. Don’t feel embarrassed about asking a matter that you think that it is best to already know the reply to.
The query is not any longer whether AI will help us study money, but moderately how much of our financial lives we’re willing to present up in exchange for that help.
The problem will not be the knowledge. It’s trust.
We now not suffer from a lack of know-how. If you must learn more about TFSAs, RRSPs, mortgages, investing or debt repayment, there are millions of articles, videos, podcasts and online communities available to you. Financial education is more accessible than ever. The problem is determining who deserves your trust.
The rise of the “Finfluencer” has only brought complicated things with it. Some YouTubers offer thoughtful and responsible training. Others promote affiliate links, sponsorships, courses or products. That doesn’t mechanically make their advice bad, nevertheless it does mean understanding the incentives behind the content. We saw it with cryptocurrency. We saw it in day trading. Every few years a brand new trend comes together with a military of online experts promising shortcuts to wealth. The platforms evolve and the recommendation changes, however the challenge stays the identical.
Who do you have to consider?
Artificial intelligence takes an unusual middle ground. Unlike a Finfluencer, he doesn’t try to construct a private brand. Unlike a consultant, you is not going to be asked to make an appointment. Unlike a friend, he doesn’t bring years of non-public history or judgment to the conversation.
