One in five Albertans surveyed last month said they looked to artificial intelligence for financial advice — the highest rate compared to respondents in other Canadian provinces.
The poll shows 21 per cent of respondents in Alberta used AI tools such as ChatGPT, Claude or Gemini for financial guidance in the past year, compared to 15 per cent nationwide.
Money Mentors, an Alberta-based non-profit credit counselling agency, conducted the poll in conjunction with Angus Reid from May 19 to 21. It surveyed 1,501 Canadian adults, including 168 from Alberta.
The poll also shows 21 per cent surveyed in Alberta said they used social media — including TikTok, Instagram, YouTube or Reddit — for financial advice, compared to 16 per cent nationally.
The findings are posted in a report called Financial Advice in the Age of Social Media & AI, released Wednesday by Money Mentors.
Going online for financial advice is a common practice across the country. The survey, which defines online as including AI, social media, websites and podcasts, said nearly one in three respondents — 32 per cent — sought out digital sources of information.
Albertans were even more likely to do so, with the survey finding that 41 per cent sought financial advice online in the past year, the highest rate in the country.
There are many reasons that people say they are using online sources, said the report, including speed, convenience and ease of use.
Another key motivation is that people believe they can get advice without feeling judged, the survey suggests. Of the Alberta respondents, 29 per cent cited that reason, compared to 23 per cent of all respondents nationally.
And 30 per cent of Alberta respondents said it feels more relatable, personal or easy to understand.
Findings a concern
Stacy Yanchuk Oleksy, CEO of Money Mentors, said the findings are concerning for a few reasons.
“That advice is not regulated,” she said in an interview Tuesday. “So if it goes south — and it can go south — that consumer has no recourse whatsoever because they got the advice from AI.”
When people get advice from a certified financial planner, there’s some recourse because that’s a regulated industry, she added.
“Use AI as a tool, but it’s just a tool. It’s not the whole thing,” Yanchuk Oleksy said.
While some people use AI as a tool to learn about investment and financial literacy, some are seeking advice on how to alleviate debt.
“It’s normal for people in Canada to feel shame around their debt and financial situation sometimes,” Yanchuk Oleksy said, adding that turning to AI completely isn’t the answer.
People can use non-profit credit counselling services. These services are provided by professionals who are paid to serve Canadians, not to sell products, she said..
She also said people risk identity theft if they upload their personal and financial information, like bank statements and accounts.
The survey suggested that many Canadians want to educate themselves before meeting with a professional, which is why they are choosing digital methods first.
Of the Alberta respondents, 49 per cent provided that as a reason, compared to 47 per cent of all survey respondents.
Dana DiTomaso, founder of Kick Point, an Edmonton-based digital marketing firm, said conversing with an AI chatbot is a useful starting point to learn more about financial literacy and basic budgeting.
But,“do not take what AI tells you as gospel because it is not necessarily. Sometimes it’s right and sometimes it can be very wrong,” DiTomaso said in an interview Tuesday with CBC News.
DiTomaso says AI feels like a trusted source because it is aggregating from the entire internet. However, that means it doesn’t have a good sense of whether the advice is best for people living in Canada or in the U.S.
For example, there investment tools in Canada, like Registered Retirement Savings Plans and TaxFree Savings Accounts, that don’t exist in the U.S
“Just make sure that you’re asking AI, ‘How confident are you in this answer? I live in Edmonton, Alberta, Canada. Does this advice apply to me?’”
AI models can also be asked what are other sources to check, like websites and blogs, where people can get more information and further financial literacy, DiTomaso added.
Ideally, people should also talk to a professional who’s knowledgeable in financial matters, she added.
Of the respondents in Alberta, 41 per cent said they still use a bank, credit union or licensed financial professional for advice, compared to 44 per cent around the country.
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.
