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One-third of Canadians use AI to manage finances: survey
- learn about personal finance topics (45%);
- creating or updating family budgets (43%);
- identification of new investment strategies (42%);
- economy (40%); and
- creation or updating of financial plans (40%).
More than half of Gen Z respondents (55%) said they use AI to manage their finances and investments — more than any other generation.
“The growing adoption of AI-powered tools coincides with ongoing changes in Gen Z’s lives and their growing concerns about their finances,” a BMO statement said.
For example, in the past six months, 24% of Gen Z respondents attended university or college, 20% changed jobs, 15% had to make a large purchase like a car or house, and 13% started a business.
Additionally, 91% of Gen Z respondents said worrying about their overall financial situation is the top source of financial anxiety, followed by fear of unknown expenses (90%), housing costs (86%) and paying monthly bills (82%).
More than half of all respondents said they believe AI can help people make more informed financial decisions (52%) and that it makes financial planning more accessible (51%).
But customers likely still need some human guidance when it comes to behavioral finance: More than two-thirds of respondents (68%) said AI can’t understand how emotions influence financial planning.
The online survey involved 2,500 Canadian adults contacted by Ipsos from June 3 to 20. The survey sample reflected the composition of the Canadian population according to census parameters. The polling industry’s professional body, the Canadian Research Insights Council, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.